Overview

• BCRP President Julio Velarde said another upward adjustment could be made before year-end if current demand momentum holds.
• The bank raised its 2025 projections for private investment to 6.5% and for private consumption to 3.5%.
• High-frequency gauges show internal VAT up about 7% in the first seven months, imports of capital goods up more than 18%, and consumer goods up 19%, with robust digital payments.
• Inflation has remained inside the 1%–3% target, registering 1.1% in August and projected to average about 1.7% in 2025.
• If forecasts are met, Peru would be the region’s third-fastest grower in 2025 behind Argentina at 4.9% and Paraguay at 3.9%.