Peru | Inflation continues to push up

Summary

The CPI rose 0.52% m / m in June (3.3% y / y). The impact of the increase in the international prices of food supplies and oil, as well as the depreciation of the local currency, explain an important part of the month's inflation.

Key points

• Key points:
• The impact of the increase in the international prices of food supplies and oil, as well as the depreciation of the local currency, explain an important part of the month's inflation.
• Inflation in year-on-year terms increased from 2.4% in May to 3.3% in June, a significant rise that is partly explained by the low year-on-year comparison base.
• Inflation that excludes food and energy, a more trend measure of the pace at which prices are increasing, increased from 1.8% in May to 1.9% in June.
• In our baseline forecast scenario, inflation in year-on-year terms will close the year around the upper limit of the Central Bank's target range (2%, +/- one percentage point).

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