Guatemala’s inflation slightly increased by 0.03% MoM in January, with the annual inflation rate reaching 3.82% YoY from 4.18% in December. Fitch affirmed Guatemala’s rating at BB with a stable outlook, citing the country’s macroeconomic stability, conservative fiscal policies, and strong external liquidity. The central government’s fiscal deficit dropped to 1.3% of GDP in 2023 from 1.7% in 2022, with fiscal revenues remaining stable at 12.6% of GDP despite lower import taxes from decreased commodity prices, reflecting improvements in tax collection.