Peru's Central Bank Raises Benchmark Interest Rate To 5.5%

• Peru's central bank raised the country's benchmark interest rate by 50 basis points to 5.5% on June 9, the eleventh consecutive hike, as authorities in the copper-producing Andean nation battle stubbornly high inflation. Peru's central bank has raised the key interest rate 525 basis points since mid-2021. Prices rose more slowly in May than in the two prior months, but annual inflation still reached 8.09%, its highest level in 24 years. 
• The Andean nation’s central bank’s decision follows rate hikes this week in Brazil, Chile, and Mexico, as authorities respond to inflation that is not falling as quickly as expected.

(Source: Reuters)