Peru | Inflation keeps rising, as expected

Summary

The CPI rose 0.37% in January due to higher food prices and the depreciation of the local currency. As a result, the YoY rate of inflation increased again and reached 4.6%. We estimate that it will keep going up in the short term because the local currency is weakening at a faster pace and “El Niño” weather phenomenon will keep having negative impacts on food supply.

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