Annual inflation is projected to approach the lower limit of the target range in the coming months as the reversal of supply-side factors continues,
However, the official indicated that it is expected to return to levels close to the center of that range. It is worth noting that the BCR's target range is set between 1% and 3% annually.
"Similarly, inflation, excluding food and energy, is expected to continue declining and converging to the center of the target range in the coming months," he pointed out.
Armas stated that the monthly inflation rate was -0.09%, while inflation, excluding food and energy, stood at -0.15% in January.
"This result in monthly inflation is mainly explained by the gradual normalization of supply conditions for certain food products and the reversal of seasonal factors in transportation services," he said at a press conference.
The annual inflation rate decreased from 2% in December to 1.9% in January 2025, approaching the target range center.
In turn, the twelve-month inflation rate, excluding food and energy, declined from 2.6% in December to 2.4% in January.
Armas stated that global inflation is expected to decline, gradually approaching the respective targets of most central banks.
However, in some countries, this convergence could take longer, he added.
The BCR official noted that Peru has one of the lowest inflation rates in the region.
He also indicated that twelve-month inflation expectations declined from 2.45% in December to 2.37% in January, within the inflation target range.