Overview
- Saturday’s INEI release showed Lima’s consumer price index rose 0.29% in July, bringing the January–July accumulated increase to 4.09% and a 12‑month rate of 4.07%.
- INEI said the largest monthly contributors in Peru were food and non‑alcoholic beverages (+0.67%), transport (+0.20%) and restaurants and hotels (+0.18%), with sharp rises in chicken prices and higher interprovincial and air fares.
- In Argentina, a wide set of private consultoras project July inflation between about 1.8% and 2.1%, a likely pause or slight rebound after a three‑month disinflation that left June at 1.9%.
- Analysts point to seasonal factors—winter vacations and World Cup travel—plus food‑supply disruptions and roughly a 6% peso depreciation since May as the main drivers of renewed price pressure; weekly retail measures showed strong food increases in July.
- Markets and policymakers are awaiting Argentina’s BCRA REM on August 6 and INDEC’s official July IPC on August 13 to confirm private estimates and to gauge near‑term effects on inflation expectations, household purchasing power and monetary policy signals.