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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.

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.

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.

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.

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.

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%.

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.

May’s inflation was 1.5% m/m (43.5% y/y), well below expectations (CB-consensus: 2.1% m/m, BBVAe: 1.9% m/m). Core inflation fell to 2.2% m/m in May.