Publications

Here are all of our publications listed chronologically. You can also find the publications relating to single geography under “Publications by geography” or narrow down your search using the “Advanced filter”.

Latest publications on CPI

Argentina | September Inflation Holds Steady at 2.1% despite FX volatility

14 October 2025

Argentina's September inflation was 2.1% m/m, reaching 22% for the year. Despite the FX increase, the pass-through to prices was limited due to fiscal balance and the recent dynamic in economic activity.

Colombia | Inflation of September at 5.18%, third consecutive increase

8 October 2025

Monthly inflation in September was 0.32%, above the expectations of analysts (0.24% according to the Central Bank’s survey) and BBVA Research (0.23%). As a result, annual inflation stood at 5.18%, an increase of 8 basis points compared to August, marking three consecutive months of increases.

Peru | Inflation begins to normalize in September

1 October 2025

Lima’s CPI rose 0.01% m/m in September. Lower prices for rents, electricity, cars, fuels, airfares, and poultry products contained inflation. On an annual basis, inflation increased from 1.1% in August to 1.4% in September, due to a low comparison base.

Peru economic outlook. September 2025

30 September 2025

The Peruvian economy keeps performing solidly, supported by the strength of domestic demand. High terms of trade, the onset of new mining projects, and the recently approved pension funds withdrawal are expected to drive output growth to 3,1 % in both 2025 and 2026, despite the electoral uncertainty.

China Economic Outlook, September 2025

25 September 2025

As the trade war shock has faded, the recent data surprised the market to the downside as domestic risks take the place of external shock to become the main drag on growth in China.

Argentina | Low impact of exchange rate movements on August inflation

10 September 2025

National inflation in August was 1.9% month-on-month, remaining at the same level as the previous month despite the full impact of exchange rate and interest rate movements at the end of July. This was slightly below analysts' expectations.

Colombia | August inflation at 5.1%, second consecutive increase

8 September 2025

Monthly inflation in August was 0.19%, in line with analysts' expectations and BBVA Research. This brings annual inflation to 5.1%, an increase of 20 basis points compared to July, and marks two consecutive months of inflation increases.

Peru | Inflation approaches the lower limit of the target range

1 September 2025

The Lima Consumer Price Index (CPI) contracted 0.29% in August 2025, surprising the consensus of analysts. Year-on-year inflation fell to 1.1%, close to the lower limit of the Central Bank's target range. Inflation excluding food and energy rose slightly to 1.8%.

Argentina | July inflation was 1.9% m/m, the third consecutive month below 2%

14 August 2025

Inflation averaged 1.7% m/m in the last quarter, the lowest level in eight years (22% annualized). The monthly figure is in line with expectations (BBVA: 1.8%, REM-BCRA: 1.8%), so we maintain our projection of 28% y/y for 2025.

Peru | Inflation in July remains low, with a seasonal rise due to national holidays

1 August 2025

Consumer Price Index (CPI) increased by 0.23% in July 2025, in line with expectations. As a result, year-on-year inflation remained at 1.7% comfortably within the Central Bank's target range. Core inflation, which excludes food and energy also stood at 1.7%.

Argentina | June inflation recorded 1.6% m/m, another downside surprise

15 July 2025

June's inflation rate was 1.6% m/m (39.4% y/y), marking the second consecutive month below the 2% m/m level. This scenario indicates a more rapid disinflation process than previously anticipated, leading us to revise our December 2025 inflation forecast downward to 28% y/y from our prior projection of 30% y/y.

Colombia | Inflation moderates in June, standing at 4.8%

8 July 2025

Colombia's annual inflation for June 2025 stood at 4.8%, with a monthly variation of 0.10%, lower than the 0.19% expected by analysts. This marks the first time it has been below 5.0% since October 2021. The moderation was explained by the food and regulated items baskets.

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