Paraguay’s central bank accelerated the pace of monetary easing at its monthly policy meeting Wednesday, delivering a surprise half-percentage point cut to drop the benchmark interest rate to 7.25%.

Analysts surveyed by the central bank expected a quarter-point reduction. Policymakers have lowered the key rate by 125 basis points since August amid a steady slowdown in consumer price increases. Annual inflation remained below the central bank’s 4% target for a fourth consecutive month at 3.5% in October.