Peru Inflation

Inflation picks up in July from June

Latest reading: Consumer prices in Lima increased 4.1% on a year-on-year basis in July, following a 4.0% increase in the prior month. July's reading was the strongest since October 2023. Relative to the previous month's figures, there were higher price pressures for recreation and entertainment (+2.2% in annual terms vs +2.0% in June), food and beverages (+3.5% vs +3.3% in June), clothing (+1.5% vs +1.4% in June) and housing and utilities (+1.3% vs +1.2% in June). In contrast, price pressures reduced for transport in July (+14.3% vs +14.6% in June). Finally, consumer prices in Lima were up 0.29% in July on a month-on-month basis, following a 0.23% increase in the prior month.

Panelist insight: On the inflation outlook, Goldman Sachs’ Santiago Tellez said: “We expect inflation to rise in the next few months on the back of unfavorable base effects, resuming the downward trajectory in Q4. Folding in the upside inflation surprise, we upgrade our end-2026 headline inflation forecast by 10bp to 4.2%, 40bp above the central bank’s forecast.”

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