Macchu Picchu Peru

Peru Inflation

Peru Inflation

Inflation in Peru

Consumer price inflation in Peru averaged 3.3% in the ten years to 2022, below the Latin America regional average of 8.4%. The 2022 average figure was 7.9%. For more inflation information, visit our dedicated page.

Peru Inflation Chart

Note: This chart displays Inflation Rate (CPI, annual variation in %) for Peru from 2014 to 2023.
Source: INEI Peru.

Peru Inflation Data

2018 2019 2020 2021 2022
Inflation (CPI, ann. var. %, aop) 1.3 2.1 1.8 4.0 7.9
Inflation (CPI, ann. var. %, eop) 2.2 1.9 2.0 6.4 8.5
Inflation (Core, ann. var. %, eop) 2.6 2.2 1.8 3.8 6.5
Inflation (WPI, ann. var. %, eop) 3.2 -0.1 1.6 13.6 7.0

Inflation drops in January

Inflation came in at 3.0% in January, down from December’s 3.2%. January's figure represented the lowest inflation rate since May 2021. The result was largely driven by softer growth in prices for recreation and entertainment. In addition, price pressures for food and beverages grew at a softer pace. Moreover, prices for clothing grew at a more subdued pace. Annual average inflation fell to 5.8% in January (December: 6.3%). Lastly, consumer prices rose 0.02% over the previous month in January, below December's 0.41% rise.

Commenting on the release, Itaú Unibanco’s Julio Ruiz stated: “Well behaved inflation and still soft non-primary activity support the central bank easing cycle. We expect the central bank to continue easing monetary policy (with 25-bp rate cuts) in H1 2024, from the current 6.50% down to 5.00% by July 2024, and staying at that level through year-end.”

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 32 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.

Latest Global Inflation News

Free sample report

Interested in economic reports, analysis and data? FocusEconomics provides data, forecasts and analysis for hundreds of countries and commodities. Request your free sample report now.

Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest