Monetary Program: September 2026

3
Real Monetary Policy Interest Rates in Latin America * (in percentage)

Monetary policy rates and expectations updated as of September 10, 2026.
Source: Central Banks.
The reference interest rate has been the lowest among the main countries in the region during this decade. Brazil 14.00 4.52 9.48 Colombia 12.00 5.41 6.59 Mexico 6.50 3.86 2.64 Chile 4.50 3.10 1.40 Peru 4.25 3.05 1.20 Country Nominal interest rate 12-month Inflation Expectation Ex ante real rate

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Inflation
(12-month percentage variation) Source: INEI. In August, monthly inflation was 0.07 percent and inflation excluding food and energy was 0.02 percent. On a year-on-year basis, inflation increased from 4.1 percent in July to 4.4 percent in August, mainly due to a base effect associated with the negative monthly inflation recorded in August of last year. Inflation excluding food and energy decreased from 4.6 to 4.5 percent in the same period. Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 Inflation -0.09 0.19 0.81 0.32 -0.06 0.13 0.23 -0.29 0.01 -0.10 0.11 0.24 0.10 0.69 2.38 0.52 -0.16 0.23 0.29 0.07 Excluding food and energy -0.15 0.19 0.64 0.14 0.05 0.07 0.18 0.08 0.06 0.04 0.06 0.46 0.04 0.36 2.07 0.87 0.09 0.08 0.28 0.02 Food and energy -0.02 0.18 1.01 0.52 -0.18 0.20 0.29 -0.72 -0.04 -0.27 0.17 -0.01 0.16 1.08 2.74 0.12 -0.45 0.40 0.29 0.12

5
The deviation of inflation from the target range responds mainly to the rise in fuel prices and their effects on transport costs in March and April. Excluding the transport category, underlying inflation stood at 1.8 percent year-on-year, and has remained below 2 percent since April of last year.

The transport category is estimated using the INEI report.
Source: INEI and BCRP.
Inflation: August 2026 *
(percentage variations)
Wgt.
Month 12 months Month 12 months Month 12 months Month 12 months CPI 100.0 2.4 3.8 0.5 4.0 0.3 4.1 0.1 4.4

CPI excluding food and energy 55.3 2.1 3.7 0.9 4.4 0.3 4.6 0.0 4.5
Excluding transport 46.1 0.5 1.5 0.1 1.5 0.2 1.7 0.1 1.8 Goods 17.4 0.1 0.5 0.2 0.6 0.2 0.9 0.2 1.2 Services 37.9 3.0 5.1 1.2 6.1 0.3 6.2 -0.1 6.0 Transport 9.1 9.1 14.1 4.0 18.1 0.7 18.2 -0.4 17.4 Education 8.6 2.9 3.4 0.0 3.4 0.1 3.6 0.0 3.5 Water supply 1.4 0.0 10.3 0.0 10.3 0.0 10.3 0.0 10.3 Other services 5.0 0.2 2.4 0.3 2.5 0.1 2.4 0.1 2.2
Food and energy 44.7 2.7 4.0 0.1 3.6 0.3 3.5 0.1 4.4
a. Food and beverages 40.0 2.2 4.4 0.1 3.8 0.5 3.6 -0.2 3.9 b. Fuels and electricity 4.8 8.8 -0.2 0.7 0.9 -1.4 1.9 3.8 8.9 Fuels 2.1 20.1 11.8 0.4 13.5 -2.6 10.1 3.7 16.3 Vehicle fuels 1.1 30.9 23.3 2.8 28.4 -4.1 17.8 7.3 29.1 Domestic gas 0.8 12.5 3.6 -2.9 1.6 -1.1 4.3 -0.7 4.9 Electricity 2.6 -0.4 -9.7 0.9 -8.9 -0.3 -4.4 4.0 3.0 Mar-26 Apr-26 Jul-26 Aug-26

In August, 38 percent of CPI categories registered inflation rates higher than 3 percent, similar to the historical average. Dispersion Index and Percentage of CPI categories with year-on-year price variation greater than 3 percent Source: INEI and BCRP. 6 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 Index 36 36 35 32 36 35 34 34 33 36 36 38 38 Number of categories:
Categories with variation greater than 3% 67 68 65 61 68 66 64 64 62 68 67 72 72 Categories with variation less than 3% 121 120 123 127 120 122 124 124 126 120 121 116 116

Source: BCRP. 7
Twelve-month inflation expectations increased from 3.0 percent in July to 3.1 percent in August, slightly above the upper limit of the inflation target range. Meanwhile, the 24-month inflation expectation rose to 2.5 percent in August. 12- and 24-month inflation expectations of analysts and the financial system (in percentage) Macroeconomic Expectations Survey: Inflation (in percentage) Note: 12-month inflation expectations are calculated as the simple average of the 12-month expectations of the financial system and economic analysts. For each of them, an estimate of the 12-month expectation is obtained by weighting the expectation for the current year by the number of months remaining and the expectations for the following year by the number of months left to complete the 12 months. 1/ 18 analysts in June, 20 in July, and 21 in August 2026. 2/ 13 financial companies in June, 14 in July, and 14 in August 2026. 3/ 302 non-financial companies in June, 288 in July, and 345 in August 2026. 4/ 12-month inflation expectations are calculated as the simple average of the 12-month expectations of the financial system and economic analysts. 5/ 24-month inflation expectations are calculated as the simple average of the 24-month expectations of the financial system and economic analysts. Jun 30 Jul 31 Aug 31 ECONOMIC ANALYSTS 1/ 2026 3.20 3.85 4.00 2027 2.50 2.53 2.60 2028 2.42 2.50 2.35 FINANCIAL SYSTEM 2/ 2026 3.10 3.55 4.00 2027 2.50 2.50 2.55 2028 2.30 2.25 2.45 NON-FINANCIAL COMPANIES 3/ 2026 2.80 3.00 3.00 2027 2.50 2028 2.50 12 months 4/ 2.83 3.01 3.05 24 months 5/ 2.43 2.43 2.46 Survey conducted on:
2.46
3.05
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
5.5
Jan-17
Jun-17
Nov-17
Apr-18
Sep-18
Feb-19
Jul-19
Dec-19
May-20
Oct-20
Mar-21
Aug-21
Jan-22
Jun-22
Nov-22
Apr-23
Sep-23
Feb-24
Jul-24
Dec-24
May-25
Oct-25
Mar-26
Aug-26
24-month expectations 12-month expectations Target inflation range Maximum Minimum

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Leading indicators of economic activity as of August continue to show good performance. Capital Goods Imports * (real year-on-year % var.) Internal IGV * (real year-on-year % var.) Durable Consumer Goods Imports * (real year-on-year % var.)

August information is preliminary.
Source: SUNAT, INEI and BCRP.
Internal Cement Consumption * (year-on-year % var.)

9
Monetary aggregates, credit, and card transactions have shown high dynamism. Circulation * (nominal year-on-year % var.)

August information is preliminary.
Constant exchange rate.
Excluding gas stations, financial entities, and government.
Source: BCRP, Niubiz and Izipay.
Total Credit
(nominal year-on-year % var.)
Total Liquidity
(nominal year-on-year % var.) Card Transactions * (nominal year-on-year % var.)

10
In the Central Bank survey, all current situation indicators registered an improvement compared to the previous month, while expectation indicators remained in the optimistic range with some moderation. Source: BCRP. Businessmen's expectations about the economy and sector in 3 months (Diffusion Index) Results of the Macroeconomic Expectations Survey Source: BCRP.

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Global risks remain elevated, reflected in greater volatility of financial markets and international oil prices. Uncertainty persists regarding tensions in the Middle East, adding to other geopolitical and commercial risks. WTI Spot Quotation * (USD/Lb.)

Quotation as of September 10.
Source: Reuters.
50
60
70
80
90
100
110
120
50
60
70
80
90
100
110
120
Dec 31, 25
Jan 09, 26
Jan 18, 26
Jan 27, 26
Feb 05, 26
Feb 14, 26
Feb 23, 26
Mar 04, 26
Mar 13, 26
Mar 22, 26
Mar 31, 26
Apr 09, 26
Apr 18, 26
Apr 27, 26
May 06, 26
May 15, 26
May 24, 26
Jun 02, 26
Jun 11, 26
Jun 20, 26
Jun 29, 26
Jul 08, 26
Jul 17, 26
Jul 26, 26
Aug 04, 26
Aug 13, 26
Aug 22, 26
Aug 31, 26
Sep 09, 26
Start of conflict
(February 28)
Memorandum of understanding (June 14) Agreement interruption (July 7) Price / Var. % Sep.26*/ Dec.25 Sep.26*/ Feb.26 Sep.26*/ May.26 Sep.26*/ Aug.26 WTI (Spot) 78.3 52.0 17.2 19.4 WTI (Future Dec-26) 65.0 45.0 19.9 14.4

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Despite this, the growth prospects for global economic activity remain positive, and terms of trade continue to favor the Peruvian economy. Terms of Trade (Index 100 = 2007) Source: BCRP.

Corresponds to the annual average.
Projection from the June 2026 Inflation Report. Source: BCRP. Terms of Trade * (percentage variation)

13
It is projected that both annual inflation and inflation excluding food and energy will return to the target range and stand around 2 percent in the projection horizon, as the effects of supply shocks affecting inflation dissipate. However, there is a risk that the El Niño phenomenon and geopolitical tensions in the Middle East may have more persistent effects on inflation. Source: ENFEN.

3
12
5
15
32
2 3
9
15
23 25
20
25 26 26 27 29
37 34
25
10
75 74 72 70
62
47
30
12
2
September
October
November
December
January
February
March
April
May
Weak Cold Neutral Weak Moderate Strong Extraordinary Differential with respect to the last communication (pp) September October November December January February March April May Moderate -1 -3 -3 -5 -4 0 -2 0 0 Strong -17 -16 -15 -13 -9 -5 -3 5 0 Extraordinary 18 19 18 18 14 7 5 2 0

Estimated probability of the occurrence of the El Niño phenomenon (zone 1+2) – August 28 (Percentage)

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In its last communication, NOAA announced that there is a greater than 90 percent probability of a very strong (extraordinary) event during the autumn and early winter of the Northern Hemisphere (between September 2026 and January 2027). In the fourth quarter of 2026, there is a 75 percent probability that the magnitude of the event will be the largest since records began (1950). Source: NOAA Estimated probability of the occurrence of the El Niño phenomenon in the Central Pacific – September 10 (Percentage) 3 18 55 3 20 48 35 4 19 45 30 8 23 3 2 7 21 39 27 4 77 97 98 93 75 39 5 ASO SON OND NDE DEF EFM FMA MAM AMJ Neutral Weak Moderate Strong Very Strong Differential with respect to the last communication (pp) ASO SON OND NDE DEF EFM FMA MAM Moderate -1 0 0 -1 -2 -2 3 -2 Strong -1 -4 -3 -2 -2 1 -2 -3 Very Strong 2 4 3 3 5 4 -1 0

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The Board remains especially attentive to new information on inflation and its determinants, including the evolution of underlying inflation, inflation expectations, economic activity, and the duration of supply shocks, in order to make adjustments to the monetary policy stance in the short term. The Board reaffirms its commitment to taking the necessary actions to guarantee the return of inflation to the target range in the projection horizon. Inflation Projection: 2026 - 2027 (percentage variation over the last twelve months)

Executed as of August 2026.
Source: June 2026 Inflation Report.

Monetary Program
September 2026
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September 11, 2026