Publications

At its July meeting, the Central Bank's Board held its benchmark interest rate at 4.50%. In real terms, the rate remains close to the neutral rate.

The Big Data Private Consumption Index showed a marked slowdown in its year-over-year growth in June (3.0% compared to 15.6% in May).

Despite trade tensions, Peru’s economy is expected to grow by 3,1% this year, supported by record-high terms of trade, improved business confidence, and the construction of new copper mines. Output growth is expected to slow somewhat in 2026, to around 2,7%, mainly due to increased electoral uncertainty.

In April, the economy grew by 1.4% due to a negative base effect. Mining drove primary activities, while fishing and agriculture declined. The non-primary component rose by 1.7%, with gains in trade and services, and declines in construction and manufacturing.

The Big Data Private Consumption Index recorded a yoy growth of 15.6% in May, exceeding the figures from April (11.6%) and March (10.9%).

In May 2025, the CPI fell by 0.06%, mainly due to lower food prices, particularly poultry products, following previous increases. Electricity rates and fuel prices also declined, reflecting lower international oil prices.

In March 2025, GDP grew by 4.7% year-on-year. The primary component expanded by 4.9%, driven by the fishing and construction sectors. The non-primary component rose by 4.3%, supported by non-primary manufacturing, construction, and some service segments.

At its May meeting, the Board of the Central Bank lowered the reference interest rate to 4.50%. The monetary policy stance, understood as the ex-ante real reference rate, thus stands close to the level estimated to be neutral.