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
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 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.”
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.
Want to get access to the full dataset of Peruvian inflation forecasts? Send an email to info@focus-economics.com.
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