Peru | Inflation begins to normalize in September

Summary

Lima’s CPI rose 0.01% m/m in September. Lower prices for rents, electricity, cars, fuels, airfares, and poultry products contained inflation. On an annual basis, inflation increased from 1.1% in August to 1.4% in September, due to a low comparison base.

Key points

• Key points:
• Core inflation rose 0.06% in September and remained at 1.8% year-on-year, reflecting a stable inflation trend when excluding food and energy.
• Inflation is expected to rise gradually, though remaining within the Central Bank’s target range. It would close 2025 at 1.8%, driven by the low comparison base, and 2026 at 2.5%, due to food normalization and smaller declines in the exchange rate and inputs.

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