Inflation Report - September 2026 — BCRP — PE

RI Jun RI Sep RI Jun RI Sep Developed economies 39,4 1,9 1,7 1,7 1,8 1,7 Of which

United States 14,6 2,1 2,2
Eurozone 11,3 1,4 1,1 1,0 1,3 1,3
Japan 3,3 1,2 0,6 0,6 0,9 0,8
United Kingdom 2,2 1,4 0,9 0,9 1,3 1,1
Canada 1,3 1,7 1,2 0,8 1,6 1,6 Developing economies 60,6 4,4 3,9 Of which
China 19,6 5,0 4,5 4,5 4,2 4,2
India 8,2 7,6 6,3 6,5
Russia 3,4 1,0 0,9 0,9 1,1 1,1
Latin America and the Caribbean 7,1 2,4 2,1 2,2 2,4 2,4 World Economy 100,0 3,4 3,1 PPP* 2025 2026 2027 *Base 2025. Note: Projection for 2026-2027. Source: IMF, Consensus Forecast and BCRP. 4 US growth projection is supported by the expected impact of AI investments and tax cuts. Likewise, the dynamism of green industries in China would maintain its growth expectation. WORLD GROWTH (Real percentage changes)

5,0% 4,2% 2,9% -2% 0% 2% 4% 6% 8% 10% 12% jul-11 jul-12 jul-13 jul-14 jul-15 jul-16 jul-17 jul-18 jul-19 jul-20 jul-21 jul-22 jul-23 jul-24 jul-25 jul-26

(12-month change %) Emerging Global Developed 5 Source: Reuters. Elaboration: BCRP. Global inflation remains above levels seen in February of this year (before the start of the conflict). INFLATION: GLOBAL, DEVELOPED COUNTRIES AND EMERGING ECONOMIES (12-month change %)

2029 Jun. 26 Sep. 26 Jun. 26 Sep. 26 Jun. 26 Sep. 26 Sep. 26 Jun. 26 Sep. 26 Growth 2,2 2,3 2,3 2,4 2,2 2,2 2,1 2,0 2,0 Unemployment rate 4,3 4,1 4,3 4,1 4,2 4,1 4,1 4,2 4,2 Inflation (PCE) 3,6 3,7 2,3 2,3 2,0 2,1 2,0 Core Inflation (Core PCE) 3,3 3,4 2,5 2,5 2,1 2,2 2,0 - - Note: Core PCE excludes food and energy. Interest rate (%)* 3,8 4,1 3,6 4,1 3,4 3,9 3,6 3,1 3,2 Interest rate range (%) 3,4–4,4 3,9–4,4 2,9–4,4 3,1–4,4 2,9–3,9 3,1–4,1 2,9–3,9

Incorporates 19 data points from individual Fed members' projections at the end of the period. Growth and inflation projections correspond to the fourth quarter of the indicated year compared to the same period in the previous year. The unemployment rate projection is the average of the fourth quarter of the indicated year.
The interest rate corresponds to the midpoint of the Fed's reference rates. 2026 2027 2028 Long Term 6 FED: QUARTERLY MACROECONOMIC PROJECTIONS* (In %, upper limit) The Fed's latest macroeconomic projections consider higher total and core inflation in 2026 and 2028, in a context of stronger economic growth. Consistent with this, they raised the median interest rate projection over the projection horizon. Source: Fed.

-2,0 -1,0 0,0 1,0 2,0 3,0 4,0 5,0 6,0 Ene-19 May-19 Set-19 Ene-20 May-20 Set-20 Ene-21 May-21 Set-21 Ene-22 May-22 Set-22 Ene-23 May-23 Set-23 Ene-24 May-24 Set-24 Ene-25 May-25 Set-25 Ene-26 May-26 Set-26 United Kingdom United States France Germany 7 10-YEAR SOVEREIGN BOND YIELDS OF DEVELOPED ECONOMIES (Percentage) Long-term interest rates on sovereign bonds show a recent increase in major economies due to inflationary fears and high fiscal and public debt deficits. Source: Reuters. Dec.21 Dec.22 Dec.23 Dec.24 Dec.25 Sep.26* United Kingdom 1,0 3,7 3,5 4,6 4,5 5,4 United States 1,5 3,9 3,9 4,5 4,2 5,0 France 0,2 3,1 2,6 3,2 3,6 4,4 Germany -0,2 2,6 2,0 2,4 2,9 3,5

As of September 10.

0 20 40 60 80 100 120 140 Ene-17 Ene-18 Ene-19 Ene-20 Ene-21 Ene-22 Ene-23 Ene-24 Ene-25 Ene-26 Ene-27 WTI OIL: JANUARY 2017 - DECEMBER 2027 (USD/bbl) RI Jun 26 RI Sep 26

Avg. Annual Var.% Avg. Annual Var.% 2023 78 -18,2 78 -18,2 2024 77 -1,3 77 -1,3 2025 65 -15,1 65 -15,1 2026 80 22,6 82 26,3 2027 72 -9,4 74 -10,2 RI Jun.26 RI Sep.26 Source: Reuters and BCRP. 8 Industrial metal prices increased driven by mine supply weakness and high energy costs, while gold prices retreated due to expectations of a Fed rate hike. Meanwhile, oil prices increased due to the conflict in the Middle East. 0 100 200 300 400 500 600 Ene-17 Ene-18 Ene-19 Ene-20 Ene-21 Ene-22 Ene-23 Ene-24 Ene-25 Ene-26 Ene-27 COPPER: JANUARY 2017 - DECEMBER 2027 (cents USD/lb.) RI Jun 26 RI Sep 26

Avg. Annual Var.% Avg. Annual Var.% 2023 385 -3,8 385 -3,8 2024 415 7,8 415 7,8 2025 451 8,7 451 8,7 2026 609 35,0 615 36,4 2027 623 2,3 638 3,7 RI Jun.26 RI Sep.26

0 40 80 120 160 200 Ene-17 Ene-18 Ene-19 Ene-20 Ene-21 Ene-22 Ene-23 Ene-24 Ene-25 Ene-26 Ene-27 ZINC: JANUARY 2017 - DECEMBER 2027 (cents USD/lb.) RI Jun 26 RI Sep 26

Avg. Annual Var.% Avg. Annual Var.% 2023 120 -24,1 120 -24,1 2024 126 4,8 126 4,8 2025 130 3,2 130 3,2 2026 157 20,9 161 23,5 2027 159 1,1 167 4,0 RI Jun.26 RI Sep.26

0 1 000 2 000 3 000 4 000 5 000 6 000 Ene-17 Ene-18 Ene-19 Ene-20 Ene-21 Ene-22 Ene-23 Ene-24 Ene-25 Ene-26 Ene-27 GOLD: JANUARY 2017 - DECEMBER 2027 (USD/oz.tr.) RI Jun 26 RI Sep 26

Avg. Annual Var.% Avg. Annual Var.% 2023 1943 7,9 1943 7,9 2024 2388 22,9 2388 22,9 2025 3442 44,1 3442 44,1 2026 4554 32,3 4523 31,4 2027 4461 -2,0 4559 0,8 RI Jun.26 RI Sep.26

External Sector National Economic Activity Public Finances Monetary Policy Inflation Projection Contents 9 Balance of Payments

100 87 110 109 103 115 125 113 121 136 193 194 0 20 40 60 80 100 120 140 160 180 200 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026* 2027* TERMS OF TRADE (Index 100 = 2007) Annual average change % 2024 2025 2026* 2027* Terms of Trade 12,2 19,9 18,1 0,8 Export prices 7,6 17,5 28,1 1,3 Import prices -4,1 -2,0 8,5 0,5 Memo: Copper (cents USD / lb.) 415 451 615 638 Gold (USD / oz.) 2 388 3 442 4 523 4 559 WTI Oil (USD / bbl.) 77 65 82 74 *Projection. Source: BCRP. It is estimated that terms of trade would continue to grow over the projection horizon, reaching the highest level since records began in 2027, driven by export prices (mainly minerals). 10

-2 912 1 962 6 686 7 215 6 893 8 098 14 894 10 094 17 005 24 144 35 433 45 759 48 866 48 279 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Jul-26 1/ 2026* 2027* 1/ Accumulated last 12 months to July 2026. For the GDP percentage data, annualized GDP at 2Q26 is used. Projection. Source: BCRP. TRADE BALANCE (USD Millions) 11 % GDP: -1,5 1,0 3,0 3,1 2,9 3,9 6,5 4,1 6,2 8,2 10,4 12,2 12,1 11,2 2025 Jul-26 1/ 2026 2027*

Exports 93 933 111 935 119 876 124 274 Traditional 70 332 87 894 95 013 98 969 Non-traditional 23 415 23 699 24 473 24 976
Imports 58 560 66 176 71 011 75 995 In a context where terms of trade remain high, and despite the impact of Coastal El Niño on fishmeal and agro-export volumes, the trade balance is projected to register surpluses throughout the projection horizon.

-3,1 -2,4-2,0-1,6 0,1 1,6 3,3 1,5 -4,4 -0,5 -2,4 -1,6 -2,9 -4,8-4,2-4,7 -2,3 -1,1-1,2-0,7 0,6 -2,3 -4,0 0,5 2,4 3,5 4,0 3,4 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026* 2027* Projection. Source: Central banks of each country. In this context, the current account is projected to register 5 consecutive years of surplus, a period longer than the boom of the commodity boom (2004-2007). Current account (% of GDP) 2024 2025 2026 Peru 2,4 3,5 4,0 Mexico -0,9 -0,5 -0,5 Chile -1,2 -1,2 0,2 Colombia -1,7 -2.4 -2,5 Brazil -3,0 -2,9 -2,1 12 CURRENT ACCOUNT OF THE BALANCE OF PAYMENTS (% of GDP)

External Sector National Economic Activity Public Finances Monetary Policy Inflation Projection Contents 13 Balance of Payments

August information is preliminary. 1/ Excludes construction materials and cell phones. Source: Sunat and BCRP. -15,6-13,2-11,6 4,7 11,1 13,9 15,9 20,4 19,9 16,4 14,9 12,4 8,0 1,6 2,2 1T.23 2T 3T 4T 1T.24 2T 3T 4T 1T.25 2T 3T 4T 1T.26 2T Jul.-Aug.26 2,9 10,2 0,9 -0,7 -3,4-10,3 -0,2 23,129,027,130,0 18,3 31,837,430,7 1T.23 2T 3T 4T 1T.24 2T 3T 4T 1T.25 2T 3T 4T 1T.26 2T Jul.-Aug.26* FORMAL SALARY MASS (Annual nominal interannual change %) VOLUME OF INPUT IMPORTS (Annual interannual change %) VOLUME OF DURABLE GOODS IMPORTS (Annual interannual change %) 5,6 7,2 6,2 6,8 5,2 9,3 7,7 8,4 10,7 7,8 9,5 8,4 10,0 7,9 7,7 1T.23 2T 3T 4T 1T.24 2T 3T 4T 1T.25 2T 3T 4T 1T.26 2T Jul. Economic activity indicators continue to show good performance. 14 0,2 4,8 0,1 8,9 8,1 8,4 9,8 7,5 24,9 13,916,217,5 10,6 26,4 20,5 1T.23 2T 3T 4T 1T.24 2T 3T 4T 1T.25 2T 3T 4T 1T.26 2T Jul.-Aug.26* VOLUME OF CAPITAL GOODS IMPORTS1/ (Annual interannual change %) 14

Constant exchange rate. Source: Sunat and BCRP. 19,9 15,0 13,2 9,8 5,3 1,9 -3,0 -2,5 -0,8 0,8 6,0 7,3 7,6 9,8 11,5 1T.23 2T 3T 4T 1T.24 2T 3T 4T 1T.25 2T 3T 4T 1T.26 2T Jul. -3,6 -3,7 -4,7 -3,3 -2,6 -0,7 0,1 -0,5 0,9 1,0 3,1 5,2 7,0 8,6 9,0 1T.23 2T 3T 4T 1T.24 2T 3T 4T 1T.25 2T 3T 4T 1T.26 2T Jul. INTERNAL CEMENT CONSUMPTION (Annual interannual change %) CONSUMER CREDIT (Annual nominal interannual change %) BUSINESS CREDIT* (Annual nominal interannual change %) -15,4-13,4 -8,6 -9,3 -0,2 0,0 -0,6 1,6 2,7 5,8 8,3 12,514,411,410,2 1T.23 2T 3T 4T 1T.24 2T 3T 4T 1T.25 2T 3T 4T 1T.26 2T Jul. Economic activity indicators continue to show good performance. 15 4,4 0,3 0,8 0,2 5,0 3,6 9,9 11,411,0 7,6 5,3 8,3 11,0 19,3 13,0 1T.23 2T 3T 4T 1T.24 2T 3T 4T 1T.25 2T 3T 4T 1T.26 2T Jul.-Aug.26 INTERNAL VAT (Annual nominal interannual change %) 15

The Digital Payments Indicator includes client transfers via the LBTR System, payments with Payment Cards, Interbank Transfers (processed by the same entity), Interbank transfers via the CCE and Visadirect or similar, Direct Debits and payments with Electronic Money. Source: Sunat, Izipay, Niubiz and BCRP. 3,6 2,6 -1,5 -1,8 3,4 7,5 12,010,3 14,011,3 9,3 10,4 13,816,017,5 1T.23 2T 3T 4T 1T.24 2T 3T 4T 1T.25 2T 3T 4T 1T.26 2T Jul.-Aug.26 ELECTRONIC PAYMENT RECEIPTS (Annual nominal interannual change %) 15,8 10,6 3,9 4,3 8,6 10,5 18,7 15,2 10,3 7,4 0,2 7,0 11,212,311,3 1T.23 2T 3T 4T 1T.24 2T 3T 4T 1T.25 2T 3T 4T 1T.26 2T Jul.-Aug.26 CREDIT AND DEBIT CARD TRANSACTIONS (Annual nominal interannual change %) -3,0 -3,9 -6,2 -6,0 -4,6 0,6 8,7 11,612,513,611,313,0 18,118,416,8 1T.23 2T 3T 4T 1T.24 2T 3T 4T 1T.25 2T 3T 4T 1T.26 2T Jul.26 CURRENCY IN CIRCULATION (Annual nominal interannual change %) Transaction indicators also reflect a favorable evolution. 16 13,1 0,6 -5,6 0,5 4,1 9,0 11,410,3 5,4 14,8 8,8 14,814,612,215,1 1T.23 2T 3T 4T 1T.24 2T 3T 4T 1T.25 2T 3T 4T 1T.25 2T Jul.26 DIGITAL PAYMENTS INDICATOR (Annual nominal interannual change %) 16

1,4 2,5 4,3 3,7 -6,3 4,2 7,9 3,4 2,9 6,2 5,4 6,1 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Jan.-Jun.26 Jul.26 2,2 2,1 3,8 2,8 -3,5 4,0 6,4 2,2 2,7 4,8 4,2 4,4 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Jan.-Jun.26 Jul.26 17 FORMAL JOBS AT THE NATIONAL LEVEL (Annual percentage change) (Annual percentage change) Source: Sunat. Avg. 2016-2025: 2,7 Avg. 2016-2025: 3,0 Formal employment continued to increase in all sectors, with higher growth rates in agriculture and mining. 2026 Agriculture Jan-Jun 10,4 July 15,9 TOTAL PRIVATE SECTOR

Thousands % Total 4 438 4 680 242 5,5 Agriculture 1/ 525 584 59 11,2 Fishing 20 19 -1 -3,1 Mining 133 148 15 11,5 Manufacturing 518 528 10 1,9 Electricity 17 18 0 1,4 Construction 240 253 13 5,4 Trade 758 803 46 6,0 Services 2 227 2 323 95 4,3 1/ Includes the agro-export sector: Processing and preservation of fruits and vegetables. Source: Sunat. Jan - Jul 2025 2026 Var. 2026/2025 18 So far this year, the labor market maintained a solid performance, with the creation of around 242 thousand jobs in the private sector, highlighting the services, agriculture and trade sectors which together generated 200 thousand jobs. ELECTRONIC PAYROLL: FORMAL JOBS IN THE PRIVATE SECTOR (Thousands of jobs and annual % change)

Aug-26: 57,3 Aug-26: 68,1 0 10 20 30 40 50 60 70 80 90 100 Feb-19 Aug-19 Feb-20 Aug-20 Feb-21 Aug-21 Feb-22 Aug-22 Feb-23 Aug-23 Feb-24 Aug-24 Feb-25 Aug-25 Feb-26 Aug-26 THE ECONOMY 3 months 12 months Optimistic (>50) Pessimistic (<50) Aug-26: 56,5 Aug-26: 67,3 0 10 20 30 40 50 60 70 80 90 100 Feb-19 Aug-19 Feb-20 Aug-20 Feb-21 Aug-21 Feb-22 Aug-22 Feb-23 Aug-23 Feb-24 Aug-24 Feb-25 Aug-25 Feb-26 Aug-26 YOUR SECTOR 3 months 12 months Optimistic (>50) Pessimistic (<50) Source: BCRP. BUSINESS EXPECTATIONS ON: (Diffusion Index) 19 Business expectations have remained in the optimistic range since mid-2024, although they have moderated recently. Business confidence levels reach levels not seen since 2017.

2 10 17 3 15 30 35 1 7 21 22 20 1 6 15 25 24 19 18 15 18 22 29 35 43 35 23 10 3 85 82 78 70 59 41 30 15 Set-26 Oct-26 Nov-26 Dic-26 Ene-27 Feb-27 Mar-27 Abr-27 May-27 Jun-27 Cold weak Neutral Warm weak Warm moderate Warm strong Warm extraordinary ESTIMATED MONTHLY PROBABILITIES OF OCCURRENCE OF THE COASTAL EL NIÑO PHENOMENON (ZONE 1+2) AS OF SEPTEMBER 14 (In %) Source: Multisectoral Commission in charge of the National Study of the "El Niño" Phenomenon. 20 Magnitude Range Weak 0,5-1,3 Moderate 1,3-2,1 Strong 2,1-3,5 Extraordinary >3,5 ENFEN Communication September 14: It is maintained that Coastal El Niño (Niño region 1+2) would continue until mid-autumn 2027, with the highest probability of an extraordinary magnitude from September 2026 to January 2027.

21 GDP LOSS, ACCORDING TO EL NIÑO INTENSITY (Contribution, in p.p.) 2026 2027 RI Jun (STRONG PHENOMENON) RI Sep (EXTRAORDINARY PHENOMENON) RI Jun (STRONG PHENOMENON) RI Sep (EXTRAORDINARY PHENOMENON) Agriculture 0,1 0,2 0,2 0,3 Fishing 0,1 Primary Manufacturing 0,3 0,4 0,3 0,3 Primary Sectors 0,5 0,7 0,6 0,7 Non-Primary Sectors 0,2 0,2 0,3 0,4 Total GDP 0,7 0,9 0,9 1,1

Agriculture: temperature anomalies, rains, winds and humidity would affect yields and production, particularly of coastal fruit trees.
Fishing and primary manufacturing: lower anchoveta catch during the second season, lower production of fishmeal and fish oil.
Non-primary: adverse weather conditions would reduce production of textiles and cold-related foods. Second-round effects due to impact on household income and consumption. With these weather forecasts, the base scenario contemplates an extraordinary El Niño, unlike the June Report, when the forecast was for a strong event. Source: BCRP.

22 3,4 3,2 Agriculture -0,4 Non-primary sectors -0,1 +0,9 Growth 2025 Growth 2026 Better performance of private spending and rise of terms of trade. Fishing and Manufacturing 1/ CHANGE IN THE COMPOSITION OF GROWTH IN 2026 VS 2025 (Real % and percentage points) Mining -0,5 -0,1 Hydrocarbons Lower production due to anomalous precipitations and thermal stress, associated with the extraordinary El Niño, as well as health risks. Main affected products: coastal fruit trees, potatoes, rice, poultry meat. Impact of extraordinary El Niño on the second anchoveta fishing season in the center-north zone. Consequently, lower production of fishmeal and fish oil is expected. Aligned with production guidelines (less zinc, silver and lead) -Oil: Lower yield of lot 95 and termination of contracts for lots II, VI and XV. -Natural gas: In March, natural gas emergency; and in April, suspension of extraction in export lots (56 and 57), due to maintenance of the Melchorita liquefaction plant. 1/ Includes all primary manufacturing, thus also considering lower oil refining. The GDP growth projection for 2026 incorporates a lower performance of primary sectors, mainly associated with the effects of the extraordinary Coastal El Niño.

Primary GDP 3,1 -2,5 -1,6 -2,3 1,5 1,3 Agriculture 5,6 -0,7 0,3 -1,5 -0,5 -1,7 Fishing 2,6 -32,6 -28,3 -30,7 8,5 10,6 Metallic Mining 1,9 0,7 0,3 0,3 -0,2 -0,2 Hydrocarbons -1,6 -10,2 -6,2 -6,2 8,5 8,5 Manufacturing 4,7 -8,7 -6,2 -7,1 8,4 9,1 Non-primary GDP 3,5 4,8 4,7 4,7 3,6 3,5 Manufacturing 2,1 1,0 3,3 1,8 2,7 2,2 Electricity and water 2,0 4,7 3,1 5,0 2,9 2,9 Construction 6,7 10,7 10,0 9,5 3,9 4,5 Trade 3,6 6,3 4,5 5,9 3,0 3,0 Services 3,4 4,4 4,5 4,3 3,9 3,7 Gross Domestic Product 3,4 3,1 3,4 3,2 3,2 3,0 RI: Inflation Report Projection. 2027 RI Jun.26 RI Sep.26 RI Jun.26 RI Sep.26 2025 Jan.-Jul. 2026* Source: BCRP. 23 The GDP growth projection is revised down to 3.2% for 2026 and 3.0% for 2027. A greater retreat of primary sectors is expected in 2026 and lower growth in 2027 due to climatic anomalies, in line with the forecast of an extraordinary magnitude El Niño event. GDP BY ECONOMIC SECTORS (Real percentage change)

Domestic Demand 5,6 5,9 5,9 6,2 3,5 4,1 Private Consumption 3,6 3,0 3,0 Public Consumption 3,3 5,6 3,2 3,2 2,3 2,3 Private Investment 10,0 15,5 12,5 14,0 6,0 8,5 Public Investment 5,7 -1,5 1,0 1,0 2,5 3,5 Inventory change (contribution) 0,6 -0,1 0,6 0,7 0,0 0,0 Exports 4,7 2,1 0,6 0,1 2,9 2,5 Imports 12,6 12,2 9,6 10,8 4,2 6,1 Gross Domestic Product 3,4 3,0 3,4 3,2 3,2 3,0 RI: Inflation Report 2025 Projection. RI Jun.26 RI Sep.26 2027 Jan.-Jun. RI Jun.26 RI Sep.26 2026* Source: BCRP. 24 GDP BY TYPE OF EXPENDITURE (Real % change) Compared to the previous Report, lower exports are projected due to the impact of the extraordinary El Niño; higher imports, in line with purchases of durable consumer goods and capital goods; and an acceleration of private investment, supported by the advance of its leading indicators.

Projection. Source: MINEM and BCRP. Private investment is projected to grow 14.0% in 2026, considering the execution of investment, the positive performance of its leading indicators and a scenario of high terms of trade. For 2027, it is expected to continue growing above GDP. 25 PRIVATE INVESTMENT (Real % change) 2024 2025 1S.26 2026 2027* Total 3,3 10,0 15,5 14,0 8,5 Residential 1,2 3,5 6,2 5,5 3,0 Non-Residential 4,3 12,8 19,4 17,4 10,4 Mining 0,9 20,3 36,3 16,8 4,4 Non-Mining 4,9 11,6 16,9 17,5 11,5

External Sector National Economic Activity Public Finances Monetary Policy Inflation Projection Contents 26 Balance of Payments

-1,6 -8,7 -2,5 -1,7 -2,8 -3,4 -2,2 -1,0 -1,5 -1,5 2019 2020 2021 2022 2023 2024 2025 Aug-26 2026* 2027* ECONOMIC RESULT OF THE NON-FINANCIAL PUBLIC SECTOR (Percentage of GDP) Note: The data for August 2026 corresponds to the accumulated last 12 months.

Projection. Source: BCRP. 2026* 2027* -1,8 -1,5 RI Jun 26 The fiscal deficit is projected to be at 1.5% of GDP in 2026 and 2027. The projection includes higher growth of public investment in 2027 taking into account the extraordinary El Niño scenario. 27
Projection. Source: Fiscal Monitor (April 2026) and BCRP (Peru). Fiscal deficit (% of GDP) 2024 2025 2026* Argentina 0,5 -0,4 0,5 Paraguay -2,1 -1,7 -1,3 Peru -3,4 -2,2 -1,5 Chile -2,8 -2,8 -2,5 Ecuador -1,3 -2,9 0,0 Uruguay -3,2 -3,4 -3,8 Mexico -5,8 -4,9 -4,4 Colombia -6,0 -5,7 -5,2 Brazil -6,2 -8,1 -7,7

26,2 34,0 35,3 33,3 32,3 32,0 30,1 27,8 28,2 12,7 21,8 21,4 20,7 22,1 23,4 22,7 21,4 22,0 2019 2020 2021 2022 2023 2024 2025 2026* 2027* Gross Debt Net Debt

Projection. Source: BCRP. NON-FINANCIAL PUBLIC SECTOR DEBT (Percentage of GDP) 28
Projection. Source: IMF – Fiscal Monitor (April 2026) and BCRP (Peru). Gross Debt (% of GDP) 2024 2025 2026* Peru 32,0 30,1 27,8 Paraguay 44,6 38,1 37,8 Chile 41,7 41,8 42,5 Ecuador 54,1 54,4 n.d. Colombia 61,0 59,9 60,9 Mexico 59,1 61,8 62,7 Uruguay 67,6 65,7 66,8 Argentina 84,7 80,3 70,4 Brazil 87,0 93,3 96,5 Under this fiscal scenario, public debt is estimated to decrease from 30.1% to 28.2% of GDP between 2025 and 2027, remaining the lowest in the region (South America and Mexico).

The interest rate on the Peruvian bond remains the second lowest in the region. 10-YEAR SOVEREIGN BOND YIELD RATE (In percentage) Source: Reuters. 29 0 2 4 6 8 10 12 14 16 Mar-20 May-20 Jul-20 Set-20 Nov-20 Ene-21 Mar-21 May-21 Jul-21 Set-21 Nov-21 Ene-22 Mar-22 May-22 Jul-22 Set-22 Nov-22 Ene-23 Mar-23 May-23 Jul-23 Set-23 Nov-23 Ene-24 Mar-24 May-24 Jul-24 Set-24 Nov-24 Ene-25 Mar-25 May-25 Jul-25 Set-25 Nov-25 Ene-26 Mar-26 May-26 Jul-26 Set-26 Peru Colombia Mexico Brazil Chile United States Dec.21 Dec.22 Dec.23 Dec.24 Dec.25 Sep.26* Peru 5,9 8,0 6,7 6,6 5,8 6,6 Colombia 8,3 13,1 10,0 11,9 12,7 12,7 Mexico 7,6 9,0 8,9 10,5 9,1 9,4 Brazil 10,8 12,7 10,4 15,2 13,7 14,3 Chile 5,7 5,3 5,5 6,0 5,4 6,0 United States 1,5 3,9 3,9 4,5 4,2 4,9

As of September 17.

The balance of bonds held by non-residents increased by S/ 8.2 billion between December 2025 and September 2026. Thus, their participation increased from 43% to 45% during this period. BALANCE OF SOVEREIGN BONDS AND PARTICIPATION OF NON-RESIDENT INVESTORS (Balance in millions of S/ and participation in %)

Preliminary information as of September 16. Note: For the calculation of the participation of Non-Residents in the holdings of sovereign bonds, up to February 2021, inflation-indexed bonds, Global Depositary Notes (GDN) and transactions by non-residents in Euroclear are excluded. From March 2021, nominal sovereign bonds and VAC are included and GDNs are excluded. Source: BCRP, CAVALI, MEF, SBS. 49 53 50 42 34 40 43 44 43 44 45 45 46 46 45 30,0 35,0 40,0 45,0 50,0 55,0 50 000 75 000 100 000 125 000 150 000 175 000 Dic-19 Dic-20 Dic-21 Dic-22 Dic-23 Dic-24 Mar-25 Jun-25 Set-25 Dic-25 Ene-26 Feb-26 Mar-26 Abr-26 May-26 Jun-26 Jul-26 Ago-26 Set-26 Sovereign bonds (left axis) % Non-residents (right axis) Millions of S/ (%) Sovereign bonds (In millions of S/) Dec.22 Dec.23 Dec.24 Dec.25 Sep.26* Non-residents 55 332 50 298 64 334 77 584 85 751 30

External Sector National Economic Activity Public Finances Monetary Policy Inflation Projection Contents 31 Balance of Payments

32 Since the beginning of the global interest rate hike cycle, Peru has maintained the lowest rate among countries in the region. *Data as of September 17, 2026. Source: Central Banks.

4,50 12,00 4,25 13,75 6,50 0,00 2,00 4,00 6,00 8,00 10,00 12,00 14,00 16,00 0,00 2,00 4,00 6,00 8,00 10,00 12,00 14,00 16,00 Mar-20 Jun-20 Set-20 Dic-20 Mar-21 Jun-21 Set-21 Dic-21 Mar-22 Jun-22 Set-22 Dic-22 Mar-23 Jun-23 Set-23 Dic-23 Mar-24 Jun-24 Set-24 Dic-24 Mar-25 Jun-25 Set-25 Dic-25 Mar-26 Jun-26 Set-26 LATAM: MONETARY POLICY RATE (%)* (%, end of period) Chile Colombia Peru Brazil Mexico

33 Country Nominal Reference Rate* 12-Month Inflation Expectations* Ex Ante Real Rate Brazil 13,75 4,52 9,23 Colombia 12,00 5,41 6,59 Mexico 6,50 3,86 2,64 Chile 4,50 3,30 1,20 Peru 4,25 3,05 1,20 *Data as of September 17, 2026. Source: Central Banks.

LATAM: EX ANTE REAL INTEREST RATES * (%) The Peru reference rate has remained the lowest in the region since 2020.

BCRP CURRENCY INTERVENTION* (USD Millions) 34 In 2026, the BCRP presents a position as a net demander in the foreign exchange market of USD 16,611 million, explained by net purchases in derivative instruments and in the spot market.

-20 000 -15 000 -10 000 -5 000 0 5 000 10 000 15 000 20 000 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Ene-Feb Mar-Abr May-Set* 2026* Net Spot Purchases Net Derivative Instrument Purchases Total *Data as of September 17, 2026. Net spot purchases include purchases made to AFPs for USD 410 million in 2020 and USD 206 million in 2025, as well as BCRP CDs with dollar payments of USD 4,796 million in 2026. Net purchases in derivative instruments include net maturities of BCRP CDRs, currency swap sales, and net placements of CDLD and currency swap purchases. Source: BCRP.

2026 2020 2021 2022 2023 2024 2025 Ene-Feb Mar-Abr May-Set* Año* Net Spot Purchases 251 -11 626 -1 236 -81 -318 2 955 5 689 0 3 218 8 907 Net Derivative Instrument Purchases -4 161 -5 880 102 -2 352 -712 7 009 5 257 -2 885 5 331 7 703 Total -3 910 -17 506 -1 134 -2 433 -1 030 9 964 10 947 -2 885 8 549 16 611

As of September 17. Source: Reuters. 35 LATAM: EXCHANGE RATE (Currency unit per dollar, index 100 = Dec-31-2008) Accumulated % Var. 2026 vs 1999 Dec.25/ Dec.23 (%) Dec.25/ Dec.24 (%) Set.26*/ Dec.25 (%) Peru (PEN) -4,2 -9,3 -10,6 -0,2 Chile (CLP) 81,4 2,2 -9,6 6,6 Colombia (COP) 69,0 -2,6 -14,3 -16,2 Mexico (MXN) 80,7 6,1 -12,8 -4,6 Brazil (BRL) 185,9 13,3 -11,0 -6,4 The Peruvian sol has remained the most stable currency so far this century, due to its lower inflation and macroeconomic strength.

50 75 100 125 150 175 200 225 250 275 Mar-01 Set-01 Mar-02 Set-02 Mar-03 Set-03 Mar-04 Set-04 Mar-05 Set-05 Mar-06 Set-06 Mar-07 Set-07 Mar-08 Set-08 Mar-09 Set-09 Mar-10 Set-10 Mar-11 Set-11 Mar-12 Set-12 Mar-13 Set-13 Mar-14 Set-14 Mar-15 Set-15 Mar-16 Set-16 Mar-17 Set-17 Mar-18 Set-18 Mar-19 Set-19 Mar-20 Set-20 Mar-21 Set-21 Mar-22 Set-22 Mar-23 Set-23 Mar-24 Set-24 Mar-25 Set-25 Mar-26 Set-26 Brazil Colombia Mexico Chile Peru

65,7 62,3 61,5 61,7 63,6 60,1 68,3 74,7 78,5 71,9 71,0 79,0 90,2 97,2 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026* *As of September 16. Source: BCRP.

2025 2026 1/ RIR as percentage/ratio of: a) GDP 26,4 25,7 b) Short-term external debt 2/ 597 648 c) Monthly average of imports 18 17 INTERNATIONAL COVERAGE INDICATORS 1/ RIR as percentage of GDP so far this year. Year projection for cases b) and c). 2/ Includes short-term debt balance (excludes BCRP) plus projected amortizations to one year for the private and public sectors. 36 International reserves amount to 26 percent of GDP as of August 2026, the highest in the region. International coverage indicators remain strong, allowing for the facing of possible external shocks.

International Reserves (% of GDP) 2026 Peru 25,7 Brazil 16,4 Colombia 14,8 Chile 15,1 Mexico 14,1 Argentina 5,8 Note: Reserve assets are considered for all countries, except for Peru (net assets of BCRP liabilities). The last available month of data is considered for reserves and the 2025 USD GDP estimated by the WEO for all countries, except Peru (annualized USD GDP for 2T26). Source: Central banks of each country, WEO – IMF (April 2026) and BCRP.

INTERNATIONAL RESERVES (Millions of USD)

External Sector National Economic Activity Public Finances Monetary Policy Inflation Projection Content 37 Balance of Payments

4,4 1,8 0,0 1,0 2,0 3,0 4,0 5,0 6,0 7,0 8,0 9,0 10,0 Feb-21 May-21 Ago-21 Nov-21 Feb-22 May-22 Ago-22 Nov-22 Feb-23 May-23 Ago-23 Nov-23 Feb-24 May-24 Ago-24 Nov-24 Feb-25 May-25 Ago-25 Nov-25 Feb-26 May-26 Ago-26 Total Inflation Without Food and Energy (WFE) WFE without transport Source: INEI, BCRP. 38 Inflation stood at 4.4 percent in August, due to the adjustment of electricity tariffs and the increase in fuels and some foods such as fresh fish. Inflation without food, energy, and transport stands at 1.8 percent.

INFLATION (In 12-month % variation) Avg. 01-20 Dec.25 Apr.26 May.26 Jun.26 Jul.26 Aug.26 Total Inflation 2,6 1,5 4,0 3,9 4,0 4,1 4,4 Without food and energy (WFE) 2,1 1,8 4,4 4,4 4,5 4,6 4,5 WFE without transport 2,2 1,6 1,5 1,6 1,6 1,7 1,8 Food and energy 3,0 1,1 3,6 3,3 3,5 3,5 4,4

Source: BCRP.

12-MONTH INFLATION EXPECTATIONS (In percentage) 39 Jun-22: 5,4 Aug-26: 3,1 0,0 1,0 2,0 3,0 4,0 5,0 6,0 Aug-08 Aug-09 Aug-10 Aug-11 Aug-12 Aug-13 Aug-14 Aug-15 Aug-16 Aug-17 Aug-18 Aug-19 Aug-20 Aug-21 Aug-22 Aug-23 Aug-24 Aug-25 Aug-26 12-month inflation expectations stood at 3.05 percent in August, slightly above the upper limit of the inflation target range. Meanwhile, 24-month expectations stood at 2.5 percent in August, within the inflation target range.

2026 2027 2028 Economic Analysts 4,00 2,60 2,35 Financial System 4,00 2,55 2,45 Non-financial Companies 3,00 2,50 2,50 MACROECONOMIC EXPECTATIONS SURVEY: INFLATION (%)

-3 -2 -1 0 1 2 3 4 5 6 7 8 9 10 11 12 -3 -2 -1 0 1 2 3 4 5 6 7 8 9 10 11 12 2019 2020 2021 2022 2023 2024 2025 2026 2027 Inflation Target Range Maximum Minimum *Projection. INFLATION PROJECTION, 2026 – 2027 (Annual percentage variation) 40 Inflation is projected to remain above the upper limit of the target range in the coming months, due to the increase in local transport tariffs and fuels, and to a lesser extent due to the effect of El Niño. Then, inflation would converge towards the center of the target range (2.0 percent in 2027).

Wtd. 2010-19 2024 2025 2026* 2027* CPI 100,0 2,9 2,0 1,5 4,2 2,0

CPI without food and energy 55,3 2,4 2,6 1,8 4,1 2,4 a. Goods 17,4 2,2 1,6 0,8 1,5 2,4 b. Services 37,9 2,6 3,0 2,3 5,3 2,4
Food and energy 44,7 3,4 1,2 1,1 4,2 1,5

1 KEY MESSAGES The global growth outlook for 2026 and 2027 is maintained. Global inflation has receded but remains above the targets of several central banks. Industrial metal and oil prices are revised upward. GDP would grow by 3.2 and 3.0 percent in 2026 and 2027, a projection lower by 0.2 p.p. in each year compared to the previous Report, due to the update of the El Niño magnitude from strong to extraordinary. The 2026 fiscal deficit is revised downward to 1.5 percent of GDP due to higher revenues. Current account surplus due to positive impact of improved terms of trade on the trade balance. Peru maintains a solid external position. The monetary policy reference rate remained at 4.25 percent in July, August, and September. 1 Inflation stood at 4.4 percent in August due to electricity tariff adjustments and fuel price increases. The projection assumptions include a Coastal El Niño phenomenon that would last until April, with extraordinary magnitude until January, as well as an environment of macroeconomic and financial stability. 1 41

Inflation Report Current Macroeconomic Outlook and Projections 2026 - 2027 July Velarde President Central Reserve Bank of Peru September 2026