Macchu Picchu Peru

Peru Inflation March 2024

Peru: Inflation drops in February

Inflation came in at 3.1% in March, down from February’s 3.3%. The result was largely driven by softer growth in prices for food and non-alcoholic beverages and restaurants and hotels.

Annual average inflation fell to 5.0% in March (February: 5.4%).

Lastly, consumer prices rose 1.01% over the previous month in March, above February’s 0.56% rise.

Commenting on the release, Itaú Unibanco’s Julio Ruiz stated:

“While headline inflation surprised to the upside for the second consecutive month, both – headline and core inflation are stable and remain slightly above the upper bound of the central bank target (2+-1%) which is unlikely to turn the central bank hawkish (we also note that inflation expectations are inside the target range). […]Our end of year policy rate stands at 5.25%.”

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