(Bloomberg) -- Peru’s monthly inflation beat expectations and came in negative for the second consecutive time in November, bolstering chances of a fourth-straight interest rate cut in the coming weeks.

Consumer prices in the capital, Lima, fell 0.16% in November from a month earlier, far below the median estimate of a 0.11% increase in a Bloomberg survey of economists. Only one of 10 analysts surveyed expected a negative reading.

Annual inflation slowed to 3.64% from 4.34% a month earlier, below the 3.92% median estimate. The annual rate is nearing the central bank’s year-end goal of between 3.4% and 3.5%, and approaching its usual target range of 1% to 3%.

The better-than-expected reading likely paves the way for another interest rate cut later this month. Peru’s central bank has already reduced its key rate to 7%, from a two-decade high of 7.75% earlier this year.

Central bank President Julio Velarde said earlier this month that inflation could reach the target in March or April, although the possibility of agricultural disruptions triggered by the El Nino weather pattern remain a risk.

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