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    BBVA Research Publications

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    April 11, 2025

    Peru | Central Bank will maintain pause in the short term

    In its April meeting, the Board of the Central Bank decided to keep the policy rate at 4.75%. The monetary policy stance, understood as the real ex-ante reference rate, remains slightly above neutral.

    April 7, 2025

    Latam | Economic normalization amid an uncertain environment

    The last months of 2024 gave some glimpses of the challenges Latam could face in the coming years. However, looking beyond the first quarter of 2025, some—albeit not all—of these warning signs have faded.

    April 1, 2025

    Peru | Year-on-year inflation continues to decline in March, despite rising food prices

    The CPI increased 0.81% month-over-month in March, driven by weather anomalies and the adjustment in student pensions. In contrast, the decrease in transportation prices and the return to normal fare prices after the Carnival holidays helped moderate inflation.

    March 18, 2025

    Peru Economic Outlook. March 2025

    The Peruvian economy will grow 3.1% in 2025, 0.4 percentage points more than forecast in December. This change primarily reflects higher expected growth in the US and China and earlier and increased investment flows into some mining and infrastructure projects. Growth is projected to remain at 2.7% for 2026.

    March 17, 2025

    Peru | Dynamic activity continued in January

    GDP grew 4.1% year-on-year in January. By productive sector, the primary component stood out (up 4.4%) due to the strong expansion of the fishing sector and the resulting expansion of primary manufacturing. The non-primary component grew 3.2%.

    March 14, 2025

    Peru | The monetary pause is extended due to increased uncertainty over trade policies

    In its March meeting, the Board of the Central Bank decided to keep the policy rate at 4.75%. The monetary policy stance, understood as the real ex-ante reference rate, remains slightly above neutral.

    March 3, 2025

    Peru | Inflation decreases in February, despite the impact of weather factors

    The consumer price index increased 0.19% m/m in February affected by adverse weather conditions (they negatively impacted the normal supply of some foods) and the greater demand for transportation due to carnivals. On the contrary, the decrease in electricity rates attenuated the advance of the CPI.

    February 14, 2025

    Peru | Monetary pause in February, in line with market consensus

    The Board of Directors of the Central Bank decided to maintain the reference interest rate at 4.75% in February. The monetary policy position thus remains somewhat restrictive.