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Peru Cuts Key Rate to 14-Month Low as Inflation Nears Target
Peru cut interest rates for a fourth straight meeting to a 14-month low with inflation now in retreat, allowing policymakers to focus on reviving an economy stuck in recession. The bank lowered its policy rate to 6.75% from 7% on Thursday, as expected by 10 of 13 analysts surveyed by Bloomberg. Three had forecast a bigger cut, to 6.50%. “We forecast that annual inflation will reach the target band within the coming months, and that annual inflation excluding food and energy will hit the target band at the end of 2023,” the bank said in a statement. Peru is undergoing its second-longest contraction in output in ... (full story)