Macroeconomic Forecast Honduras

Headline consumer price inflation in Honduras remained at a record low of 3.1% y-o-y for the second consecutive month, rising just by 0.1% m-o-m in September. This has prompted us to revise down our end-2009 inflation forecast to 3.2% from 5.0%, as we maintain a very downbeat view on economic activity and domestic demand for the remainder of the year. Going forward, we expect headline inflation to pick up towards 6.0% y-o-y by end-2010.

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