LatinNews Daily - 01 November 2022

In brief: Paraguay’s central bank lowers inflation forecast

* Paraguay’s central bank (BCP) has revised down its inflation forecast for this year from 8.8% to 8.6%, while maintaining a forecast of 4.1% for 2023. The BCP noted that lower external price pressures in the third quarter, the “moderate dynamism” of local economic activity, and interest rate adjustments had “contributed to contain the acceleration of domestic inflation in the last period.” This has led to a reduction in medium-term inflation forecasts, meaning inflation is now expected to return to the target of 4% earlier than expected, “gradually converg[ing] to levels close to 4% by the end of 2023.” Annual inflation stood at 9.3% in September – the lowest year-on-year rate since February 2022.

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