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 declines to lowest level since April 2021 in April

Inflation came in at 2.4% in April, which was down from March’s 3.0%. April's figure marked the weakest inflation rate since April 2021. The decline was broad-based, with lower price pressures recorded for recreation and entertainment, food and beverages, and transport and communication. Moreover, prices for clothing grew at a more subdued pace. In addition, the trend pointed down, with annual average inflation coming in at 4.5% in April (March: 4.9%). Meanwhile, core inflation fell to 3.7% in April, from March’s 4.0%. Lastly, consumer prices fell 0.05% in April over the previous month, swinging from the 1.01% increase seen in March. April's result marked the weakest reading since November 2023.

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.

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