LatinNews Daily - 02 August 2022

In brief: Inflation remains high in Peru

* Peru’s national statistics institute (Inei) has released the consumer price index (IPC) for July, which put monthly inflation at 1.0% and annual inflation at 9.28%. This follows monthly inflation of 1.03% and annual inflation of 9.32% in June. The highest monthly increases were in transport (+2.19%) and food & non-alcoholic drinks (+1.77%). Last month Peru’s central bank (BCRP) raised the benchmark interest rate by 50 basis points to 6% - its 13th consecutive hike since July 2021. It cited high inflation, which it attributed to global factors such as “international conflicts” – an allusion to the war in Ukraine.

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