Internationally, indicators continue to show favorable financial conditions and a scenario of gradual economic recovery in the main developed countries, as described in the latest Monetary Policy Report. Commodity prices show mixed fluctuations, where the drop in the prices of oil and derivatives stands out.

On the domestic front, annual inflation stood at 2.6% and inflation expectations at the end of the projection horizon remain near the target. Partial second-quarter figures for activity and demand are consistent with forecasts, and reflect the negative impact of mining and construction. Private consumption remains stable, in line with the performance of the labor market.

The Board reiterates its commitment to conduct monetary policy with flexibility, so that projected inflation stands at 3% over the policy horizon. Any future changes in the monetary policy rate will depend on the implications of domestic and external macroeconomic conditions on the inflationary outlook.