Peru’s YoY inflation in September rose to 1.4% at the headline level from 1.1% (see our Peru inflation chart pack for more details). However, much of the upward pressure was from 2024 base effects. Core inflation rose slightly, to 1.8% from 1.75%, again largely driven by moderate base effects from 2024. Overall, Core inflation measures are generally staying in line with pre-COVID seasonal norms. Overall, we see inflation in Peru as well behaved and well anchored around the 2% target.
For more, including market takeaways, please see full note.