Hugo Vega de la Cruz |

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Hugo Vega de la Cruz

Principal economist for Peru
BBVA Research

Hugo Vega is currently a Principal Economist from the BBVA Research Peru Unit. He is part of a team devoted to macroanalysis of the Peruvian economy. He is also a professor and teaches the Master’s Degree in Economics at the Pontifical Catholic University of Peru and at the Faculty of Economics at the University of the Pacific.

Prior to this, he was an Assistant Manager of Investment Strategy at AFP Integra and he has also worked within the Management of Economic Studies at the Central Reserve Bank of Peru, where he led the Monetary Programme.

Hugo has a PhD in Economics from the London School of Economics and Political Science (London, UK). He has published a number of papers on macroeconomic issues such as monetary policy, macroprudential tools, financial friction.

Latest publications

Peru | Activity accelerated in February and surprised the market on the upside

April 15, 2026

Economic activity accelerated in February to 3.7% year-on-year, led by non-primary GDP, with strong momentum in trade and construction. Year-to-date, GDP growth stands at 3.6%.

Peru | BCRP maintains rate despite inflation outside the target range

April 10, 2026

The Central Reserve Bank of Peru maintained the interest rate at 4.25%, in line with expectations. Despite the inflationary rebound in March caused by supply shocks, the institution projects that inflation will return to the target range by the end of this year amid positive growth prospects.

Peru | Inflation outside the target range: highest monthly variation in 32 years

April 1, 2026

Inflation in Lima Metropolitana registered a historical increase of 2.38% month-over-month in March. This increase, the largest in 32 years, raised the year-over-year rate to 3.8%, surpassing the upper limit of the Central Bank's target range due to climate and energy factors.