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Thirteen out of fourteen economists are dumbasses on Peru (again)

Compare this:

Policy makers will raise the overnight lending rate for a fourth straight month by a quarter percentage point to 2.25 percent when they next meet Aug. 5, according to 13 of 14 economists surveyed by Bloomberg News. One analyst expects Banco Central de Reserva del Peru to lift the key rate to 2.5 percent.

To this report of the proceedings out today:

Peru’s central bank has raised its benchmark rate a more-than-expected 50bp to 2.5 per cent, to counter rising inflationary pressures.

Economists = dumbasses in suits. For those interested, you can read the Central Bank report on what they did right here (pdf). Particularly interesting is the bit about accelerated public spending causing inflationary pressures….hey, you’d never know Peru is in an election year, would you?

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