Macroeconomic Forecast Paraguay

Inflation fell 0.4% month-on-month (m-o-m) in June, according to the Central Bank of Paraguay, continuing a trend of easing price pressures this year. Annual inflation stood at 3.9%, a long way below the 8.8% figure recorded at this point of 2011. We forecast end-year inflation of 4.5% in 2012, down from 4.9% in 2011. We expect inflation to tick upwards from 2013 to end the year at 5.5%, in line with the anticipated recovery in economic activity.

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