Trifecta of Latam cenbanks raise rates to curb inflation
The Central Bank of Uruguay (CBU) raised its monetary policy rate by 50 basis points to 5.75 percent, its third hike this year, and has now raised it 1.25 percentage points this year following earlier hikes in August and October.
The Central Reserve Bank of Peru (BCRP) raised its reference rate by 50 basis points to 2.0 percent, its fourth hike this year, and has now raised it 1.75 percentage points following earlier hikes in August, September and October.
Today’s three rate hikes boosts the number of rate hikes worldwide this year to 88, more than six times the number of rate cuts, with 39 of those cuts by emerging market central banks.
As most central banks, Banco de Mexico considers the forces boosting inflation to be transitory but it also said the time horizon of this process is unknown and is affecting a wide range of products, with prices increases of a “considerable magnitude.”
”This poses greater risks to the price formation process and to inflation expectations,” Banxico said, adding this was the main reason for continuing to reinforce its monetary policy stance to ensure inflation converges to its 3.0 percent target.
Mexico’s inflation rate rose to 6.24 percent in October from 6.0 percent in September and the central bank said inflation expectations for the next 12 months and for 2022 rose again while longer-term expectations remain stable at levels that exceed its target.
Banxico raised its forecast for headline inflation in the fourth quarter of this year to 6.8 percent from September’s forecast of 6.2 percent but lowered the forecast for inflation in the fourth quarter of 2022 to 3.3 percent from 3.4 percent.
By the third quarter of 2023 Mexico’s inflation rate is seen easing further to 3.1 percent.
Uruguay’s inflation rate rose to 7.89 percent in October from 7.41 percent in September.
Source: http://www.centralbanknews.info/2021/11/trifecta-of-latam-cenbanks-raise-rates.html
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST
Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!
HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.
Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.
MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).