Peru Inflation


Inflation moderates in September

Consumer prices for Metropolitan Lima in September increased just 0.03% over the previous month, which was below the 0.38% rise registered in August. The result undershot market expectations of a 0.20% increase. The result reflects that higher prices in several categories, including housing, fuel and electricity, as well as clothing and footwear, were offset by lower prices for transport and communications.

Inflation moderated from 4.0% in August to 3.9% in September. However, inflation is still well above the upper limit of the Central Bank’s target of 2.0%, plus/minus 1.0 percentage point. The sharp depreciation of the Peruvian sol is contributing to inflationary pressures and above-target inflation led the Central Bank to hike its main interest rate in September for the first time in over four years, to 3.50%.

In its May quarterly inflation report, the Central Bank indicated that it expects inflation between 2.0% and 3.0% in 2015 and between 1.5% and 2.5% in 2016. LatinFocus Consensus Forecast panelists expect inflation to end 2015 at 2.6%, which is unchanged from last month’s projection. For 2016, the panel expects inflation of 2.7%.

Author:, Economist

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Peru Inflation Chart

Peru Inflation September 2015

Note: Month-on-month and year-on-year variation of consumer price index in %.
Source: Peru National Statistical Institute (INEI)

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