LatinNews Daily - 08 April 2022

In brief: Peru raises interest rates

* Peru’s central bank (BCRP) has raised the benchmark interest rate by 50 basis points to 4.50%, in its ninth consecutive monthly rate hike. The BCRP noted that annual inflation reached 6.82% in March, more than double the target of 1-3%, and that inflation is not expected to return to this target range until Q2 or Q3 2023. The BCRP’s statement added that “economic expectations deteriorated in March,” highlighting the persistence of supply chain bottlenecks stemming from the coronavirus (Covid-19) pandemic; business uncertainty due to the winding down of pandemic-related stimuli in advanced economies; and the upwards pressure on commodity prices caused by Russia’s war in Ukraine.

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