Macchu Picchu Peru

Inflation in Peru

Peru Inflation

Inflation falls in July

Inflation came in at 5.9% in July, which was down from June’s 6.5% and marked the lowest reading since January 2022. That said, the print remained above the Central Bank’s 1.0%-3.0% target range for the 25th consecutive month.

Annual average inflation dipped to 7.9% in July from 8.2% in June. Lastly, consumer prices increased 0.39% over the previous month in July, contrasting the 0.15% decrease logged in June.

Commenting on the outlook, Julio Ruiz, analyst at Itaú, stated:

“A faster disinflation process, amid weak activity, increases the odds of the central bank cutting rates sooner than our base call of October. We expect the central bank to cut its policy rate by 25-bp in each of the last three meetings of the year, reaching a level of 7.00%.”

Peru Inflation Chart

This chart displays Inflation Rate (CPI, annual variation in %) for Peru from 2013 to 2022.

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

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