(Bloomberg) — Prices in Peru’s capital rose less than expected in October, as inflation continues to run near the center of the central bank’s desired target range.
Consumer prices in Lima rose 2.01% in October from a year earlier, according to national statistics agency INEI. That was lower than 2.13% median estimate of economists surveyed by Bloomberg. On the month, prices fell 0.09% after September’s -0.24% print.
Under the leadership of central bank President Julio Velarde, Peru has been able to boast the lowest inflation rate among Latin America’s major economies. The bank targets price increases of 1% to 3% annually, and inflation has stayed within that range since April. Velarde has said he expects inflation to close the year at around 2.2%.
Peru is also tied with Chile with the lowest benchmark interest rate among its peers. The central bank’s next rate setting meeting is next week.
Peru’s economy has strongly bounced back this year from a recession in 2023 and the government is hoping annual growth can beat 3% in 2024. While the administration of President Dina Boluarte has pressured the independent central bank to cut rates faster, Velarde has countered that the economy is already growing robustly without the need of monetary policy support.
–With assistance from Rafael Gayol.
©2024 Bloomberg L.P.
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Publish date : 2024-11-01 05:02:00
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