# Peru | BCRP cuts the rate despite the surprise increase in food inflation | BBVA Research

> Peru's central bank cut its reference rate to 7.50% but said this does not signal a series of successive cuts. Inflation came in above expectations due to food supply restrictions, while one-year-ahead inflation expectations fell to 3.4% in August.

- Date: 2023-09-15 · published 2023-09-15T12:00:00.000Z
- Category: macro · region Peru · magnitude low
- Page: https://feedsoft.ai/events/34398-peru-bcrp-cuts-the-rate-despite-the-surprise-increase-in-food-inflation-bbva
- Commodities: [Fishmeal](https://feedsoft.ai/c/FISHMEAL.md), [Peruvian Sol (PEN per USD)](https://feedsoft.ai/c/USDPEN.md)

## Why it matters

Food supply restrictions and El Nino uncertainty in Peru point to tighter domestic supplies that can support fishmeal and feed ingredient prices, while the rate cut is a modest currency influence.

## Read by commodity

- USDPEN: bullish ▲
- FISHMEAL: bullish ▲

## Sources

- bbvaresearch.com: https://www.bbvaresearch.com/en/publicaciones/peru-bcrp-cuts-the-rate-despite-the-surprise-increase-in-food-inflation/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.