Peru | Inflation remained high in September, pressured by supply factors

Annual inflation in Peru rose to 4.5% in September, with a monthly variation of 0.12%. This result is explained by supply-side factors, such as the rise in fuel and some food prices. Inflation excluding food and energy also stood at 4.5%, exceeding the Central Bank's target range.

Key points

• Key points:
• The price increase was due to supply-side factors, such as the rise in vehicle fuels (+5.2%), tomatoes (+28.9%), and sugar (+16.2%).
• In contrast, price drops were recorded for fish and seafood (-8.0%), chicken (-4.6%), and fruits (-1.0%) due to increased supply.
• Annual inflation is expected to remain high and end 2026 near 5.0%, and then rise further in early 2027 due to the impact of the El Niño phenomenon.
• Inflation excluding food and energy remained at 4.5% year-on-year. Also excluding transportation, this indicator stands at 1.8%, within the target range.

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