Peru | No changes: inflationary pressures remain subdued

Summary

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.

Key points

• Key points:
• Core inflation rose 0.05% in May and fell from 1.9% to 1.8% year-on-year.
• We project that inflation will remain between 1.5% and 2.0% through the third quarter, within the Central Bank’s target range. Toward the end of the year, it may rise due to a low base of comparison, ending near 2.5%, though with a downward bias given the trend in oil prices.

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