Published on Monday, January 2, 2023

Peru | Inflation ends the year on the rise due to a rebound in food prices

The Consumer Price Index in Lima increased 0.79% month-on-month in December. This was mainly due to the increase in food prices and interprovincial transport (due to increased demand for year-end celebrations).

Key points

  • Key points:
  • On an annual basis, inflation accelerated slightly in December, standing at 8.5% (November: 8.4%).
  • Inflation excluding food and energy, a more trend-based measure of price changes, accelerated from 0.23% in November to 0.54% in December (but the annual data slowed slightly, from 5.7% in November to 5.6% in December).
  • At BBVA Research we estimate that year-on-year inflation will continue to show high rates (above 8.0%) during the first quarter.
  • With this scenario, we do not rule out that the upward cycle of the reference rate will extend a little longer, so we anticipate that next week the Central Bank will raise it by 25 basis points.

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