Peru Inflation February 2016

Peru

Peru: Inflation inches down in February

March 1, 2016

Consumer prices for Metropolitan Lima increased 0.17% in February over the previous month, which was below the 0.37% rise registered in January and the 0.25% increase expected by market analysts. A seasonal increase in the price of textbooks and school supplies drove rising prices for recreation, cultural and education goods, while prices for food and beverages fell.

Inflation eased from 4.6% in January—which had marked the highest reading since December 2011—to 4.5%. Consequently, inflation remains above the upper limit of the Central Bank’s target of 2.0% plus/minus 1.0 percentage points.

The core consumer price index, which excludes volatile items such as fresh food and fuels, rose in February by 0.62% month-on-month (January: +0.29% mom). Finally, core inflation rose from January’s 4.1% to 4.4% in February.

The Central Bank indicated that it expects inflation to be between 2.5% and 3.0% in 2016 and between 2.0%-2.5% in 2017. Panelists participating in the LatinFocus Consensus Forecast expect inflation to end 2016 at 3.2%, which is unchanged from last month’s projection. For 2017, the panel expects inflation of 2.8%.


Author: Angela Bouzanis, Senior Economist

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Peru Inflation February 2016

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


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