Having picked up in several countries in the early part of this year, inflation has slowed in most of Latin America in recent months and is now back within its target range in each of the region's major economies. In most cases, the decline has been driven by a slowdown in food inflation as the effects of last year's food price shock have started to unwind. This has further to run and means that inflation is likely to fall further in most countries over the coming months.
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