Peru | Prices edged lower in October

Summary

Lima’s Consumer Price Index (CPI) fell 0.10% m/m in October. Despite the decline—driven by lower prices in communications, food, and energy—annual inflation remained virtually stable at 1.4% compared to September, within the Central Bank’s target range.

Key points

• Key points:
• Core inflation rose 0.04% in October, remaining at 1.8% y/y, signaling stability in underlying prices.
• Inflation is expected to end 2025 near 1.8%, with a downward bias due to sol appreciation and lower input costs.
• The Central Bank is expected to hold its policy rate at 4.25%, in line with the range estimated for the neutral rate.

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