Peru | Tracking consumption with real-time data in July 2025

Summary

The Big Data Private Consumption Index moderated its growth once again in July (2.3% y/y compared to 3.0% y/y in June and 15.6% y/y in May).

Key points

• Key points:
• The slowdown in year-on-year growth of the indicator reflects a high base effect, attributable to the transitory boost in household consumption resulting from the extraordinary pension fund withdrawals implemented in 2024.
• It is noteworthy that the indicator continues to show positive growth rates despite the absence of support from extraordinary consumption stimuli—such as the pension fund withdrawals. This is occurring in a favorable macroeconomic environment, characterized by a stable labor market and low inflation.
• In terms of spending components, all categories moderated their year-on-year growth in July, except for Food and Transportation, which accelerated. Among the components that slowed, spending on Health, Tourism, and Entertainment continued to post positive growth rates.

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