Latest reading: Harmonized consumer prices increased 3.2% in annual terms in June, following a 3.7% rise in the previous month....
Inflation in Peru
Consumer price inflation in Peru averaged 3.5% in the ten years to 2024, in line with the Latin America regional average of 10.8%. The 2024 average figure was 2.4%. For more information on inflation, visit our dedicated page.
Peru Inflation Chart
Note: This chart displays Inflation Rate (CPI, annual variation in %) for Peru from 2014 to 2025.
Source: Macrobond.
Peru Inflation Data
| 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|
| Inflation (CPI, ann. var. %, aop) | 4.0 | 7.9 | 6.3 | 2.4 | 1.5 |
| Inflation (CPI, ann. var. %, eop) | 6.4 | 8.5 | 3.2 | 2.0 | 1.5 |
| Inflation (Core, ann. var. %, eop) | 3.2 | 5.6 | 2.9 | 2.6 | 1.8 |
| Inflation (WPI, ann. var. %, eop) | 13.6 | 7.0 | -1.0 | -1.4 | -3.8 |
Inflation rises in June from the prior month
Latest reading: Consumer prices in Lima were up 4.0% on a year-on-year basis in June, following a 3.9% rise in the previous month and moving further above the Central Bank’s 1.0–3.0% target range. Relative to the prior month's data, there were higher price pressures for food and beverages (+3.3% in annual terms vs +2.9% in May) and housing and utilities (+1.2% vs +1.0% in May). In contrast, there were reduced price pressures for recreation and entertainment (+2.0% vs +2.1% in May) and transport (+14.6% vs +15.1% in May). Finally, the change in clothing prices was the same as in the prior month (+1.4% in June and May). Lastly, consumer prices in Lima were up 0.23% in June in month-on-month terms, following a 0.16% decline in the previous month.
Panelist insight: On the inflation outlook and the implications for monetary policy, Itaú Unibanco analysts said: “We forecast an above-consensus [end-2026 inflation] print of 4.4%. The disinflation process ahead is likely to remain gradual amid persistent El Niño risks. Against this backdrop, and with activity holding up, we expect the BCRP to resume its tightening cycle, delivering a cumulative 50bp in hikes by year-end, taking the policy rate to 4.75%.”
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Peruvian inflation projections for the next ten years from a panel of 38 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for Peruvian inflation.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Peruvian inflation projections.
Want to get access to the full dataset of Peruvian inflation forecasts? Send an email to info@focus-economics.com.
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