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PERU: CPI Inflation Edges Up In November, Broadly As Expected

PERU
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  • Data released over the weekend showed a 0.09% m/m increase in consumer prices in November, following a 0.09% decrease the month before. This was slightly above the 0.05% consensus. In annual terms, headline CPI inflation picked up to 2.27% y/y, from 2.01%, marginally above the 2.25% consensus. The move keeps headline inflation withing the central bank’s 1-3% target range for an eighth consecutive month and was broadly in line with the central bank's expectations.
  • Speaking last week, BCRP Governor Velarde said that although inflation was expected to pick-up in November, it remains very controlled and is set to hover around 2% for the foreseeable future. However, he also said that the increase in public spending to boost the economy is limiting the pace at which the central bank can cut interest rates, adding that the fiscal deficit, which is currently at 4.1% of GDP, is too high.
  • Looking ahead, the domestic data calendar is light this week, with focus turning to the next BCRP interest rate decision, which is due on December 12.
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  • Data released over the weekend showed a 0.09% m/m increase in consumer prices in November, following a 0.09% decrease the month before. This was slightly above the 0.05% consensus. In annual terms, headline CPI inflation picked up to 2.27% y/y, from 2.01%, marginally above the 2.25% consensus. The move keeps headline inflation withing the central bank’s 1-3% target range for an eighth consecutive month and was broadly in line with the central bank's expectations.
  • Speaking last week, BCRP Governor Velarde said that although inflation was expected to pick-up in November, it remains very controlled and is set to hover around 2% for the foreseeable future. However, he also said that the increase in public spending to boost the economy is limiting the pace at which the central bank can cut interest rates, adding that the fiscal deficit, which is currently at 4.1% of GDP, is too high.
  • Looking ahead, the domestic data calendar is light this week, with focus turning to the next BCRP interest rate decision, which is due on December 12.