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Peru’s Central Reserve Bank left its benchmark rate unchanged at 4.25% in January 2026, holding steady for the third straight meeting, in line with expectations. The bank highlighted that December headline inflation rose to 1.5% (from 1.4% in November) with monthly inflation at 0.24%, while core inflation without food and energy remained at 1.8%; twelve-month inflation expectations fell to 2.1% in December, comfortably within the target range. Policymakers also cited solid readings in current-conditions and expectations indicators, alongside a global backdrop of moderate growth. The BCRP reiterated that it will continue to monitor inflation dynamics, expectations, and economic activity, and stands ready to adjust policy as needed.