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    Published on Monday, May 3, 2021

    Peru | Inflation falls in April following a downward correction in food prices

    Summary

    In April, the Consumer Price Index decreased by 0,10%. With this outcome, inflation fell from 2,6% in March to 2,4% in year-on-year terms, mainly explained by the normalization of food prices.

    Key points

    • Key points:
    • Inflation excluding food and energy decreased from 1,8% in March to 1,7% in April.
    • The downward correction observed in April is a result of the normalization of food prices, partially compensated by higher fuel prices and a new tariff readjustment.
    • The reversion of transitory shocks that pushed inflation up in the first months of the year and households spending weakness will result in a decrease in YoY inflation. An appreciation of the local currency, conditional on the measures announced and implemented by the new administration, would contribute to lower inflation as well.
    • Our inflation forecast for this year is of 2,3%.

    Geographies

    • Geography Tags
    • Peru

    Topics

    Authors

    Hugo Vega de la Cruz BBVA Research - Principal Economist

    Documents and files


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    Report (PDF)

    Nota-Inflacion-Abril-2021.pdf

    Spanish - May 3, 2021

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