Unchanged policy rate in Peru, while high inflation in Chile leads us to expect the same there for May

Summary

The policy rate stayed at 4.0% in Peru, as expected. Inflation, on the other hand, surprised to the upside in Chile, which should lead the central bank to postpone the policy rate cut we were anticipating for May. However, inflation surprised to the downside in Mexico. Today, we expect inflation in Brazil to have continued to climb in April, thus approaching the target ceiling.

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