Peru’s central bank tightens again as inflation surges

Central Reserve Bank of Peru

The Central Reserve Bank of Peru (BCRP) increased interest rates after its policy meeting on April 7, in its ninth consecutive hike since August.

The BCRP’s board of directors hiked the reference rate by 50 basis points to 4.5%. In August 2021, it started increasing rates from a record low 0.25%, but inflation has continued increasing over the target.

In March year-on-year headline inflation rose to 6.8%, up from 6.15% in February. The central bank’s inflation target is a band from 1% to 3%

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