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Peru Inflation January 2024

Peru: 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.”

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