November 30, 2012 / 1:00 AM / in 5 years

Peru inflation seen in target for 12 months through Nov -Velarde

LIMA, Nov 29 (Reuters) - Peru’s inflation rate in the 12 months through November will likely be around 2.8 percent - below the ceiling of the government’s target range, Central Bank President Julio Velarde said on Thursday.

The annual inflation rate, which has at times run above the 3 percent ceiling this year, has slowed sharply in the last few months as local and foreign price shocks diminish.

Inflation for the month of November is likely to come in around zero, Velarde told reporters at a business conference in the Peruvian city of Arequipa.

“We expect inflation to be very low in November, very close to zero and even potentially negative,” he said. “In any event, this would put us within the target range despite the skepticism of some people,” he said.

Peru’s central bank has kept its benchmark interest rate unchanged at 4.25 percent for more than a year and has repeatedly said inflation will slow even as the economy grows 6 percent this year. The annual inflation target is 1-3 percent.

“We’ll end up with inflation of around 2.8 percnet for the 12 months through November,” he said.

Inflation for November is slated for release on Saturday.

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