Presentation of the Inflation Report June 2026

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

Contents External Sector National Economic Activity Public Finances Monetary Policy Inflation Projection 2 Balance of Payments

Projection. Source: BCRP. 3 WORLD GROWTH (Annual percentage change) 3.1 3.0 -2.7 6.7 3.8 3.3 3.4 3.4 3.1 3.1 2020 2021 2022 2023 2024 2025 2026 2027* Previous projection Current projection Developed (previous projection) 1.9 1.7 (1.7) 1.8 (1.6) Emerging (previous projection) 4.4 3.9 (4.0) 3.9 (3.9) Global growth prospects for 2026 remain unchanged, as the negative impact of the conflict in the Middle East would be offset by the dynamism of AI industries and the energy transition, as well as by expansive fiscal policies. A similar growth rate is expected for 2027.

IR Mar IR Jun IR Mar IR Jun Developed Economies 39.4 1.9 1.7 1.7 1.6 1.8 Of which
1. United States 14.6 2.1 2.2 2.2 1.9 2.2
2. Eurozone 11.3 1.4 1.3 1.1 1.4 1.3
3. Japan 3.3 1.2 0.7 0.6 0.9 0.9
4. United Kingdom 2.2 1.4 1.1 0.9 1.3 1.3
5. Canada 1.3 1.7 1.2 1.2 1.6 1.6
Developing Economies 60.6 4.4 4.0 3.9 Of which
1. China 19.6 5.0 4.5 4.5 4.2 4.2
2. India 8.2 7.6 6.3
3. Russia 3.4 1.0 1.0 0.9 1.1 1.1
4. Latin America and the Caribbean 7.1 2.4 2.2 2.1 2.4 2.4
World Economy 100.0 3.4 3.1 3.1 3.0 3.1

• Base 2025 Source: IMF, Consensus Forecast and BCRP (Peru). World growth (Annual percentage changes) PPP* 2025 2026 2027 *Base 2025. Note: Projection for 2025-2027. Source: IMF, Consensus Forecast and BCRP. 4 The impact of the Middle East conflict would be concentrated in the first half of the year and in the economies of Europe and Japan, affected by high energy prices. These downward pressures would be offset by the resilience of the United States and China. WORLD GROWTH (Real percentage changes)

The closure of the Strait of Hormuz restricted gas and energy trade, which translated into international prices for fuels and transport services, and affected the supply of inputs such as fertilizers and aluminum. However, the announcement of an agreement between the US and Iran has begun to reverse this trend. -3.0 -2.8 0.7 -2.5 -2.5 -14.5 -14.9 -12.3 Aluminum Dry Baltic Index LME Index New York Harbor U.S. Gulf Coast Brent (Spot) Brent (first position) WTI Commodities 1/ Conventional Gasoline 1/ Crude Oil 1/ MAIN INTERNATIONAL PRICES 1/End-of-period data. 5 11.7 27.5 2.5 26.2 33.2 30.2 24.7 36.8 Aluminum Dry Baltic Index LME Index New York Harbor U.S. Gulf Coast Brent (Spot) Brent (first position) WTI Commodities 1/ Conventional Gasoline 1/ Crude Oil 1/ Var. % 11-Jun-26 vs 28-Feb-26 Var. % 18-Jun-26 vs 11-Jun-26

5.2% 4.5% 3.3% -2% 0% 2% 4% 6% 8% 10% 12% May-11 May-12 May-13 May-14 May-15 May-16 May-17 May-18 May-19 May-20 May-21 May-22 May-23 May-24 May-25 May-26 INFLATION: GLOBAL, DEVELOPED COUNTRIES AND EMERGING ECONOMIES (12-month % change) Emerging Global Developed Source: Bloomberg. Prepared by: BCRP. 6 Source: Reuters. Prepared by: BCRP. These shocks have increased inflationary pressures in the vast majority of countries. INFLATION: GLOBAL, DEVELOPED COUNTRIES AND EMERGING ECONOMIES (12-month % change)

Mar. 26 Jun. 26 Mar. 26 Jun. 26 Mar. 26 Jun. 26 Mar. 26 Jun. 26 Growth 2.4 2.2 2.3 2.3 2.1 2.2 2.0 2.0 Unemployment rate 4.4 4.3 4.2 Inflation (PCE) 2.7 3.6 2.2 2.3 2.0 Core inflation (Core PCE) 2.7 3.3 2.2 2.5 2.0 2.1 - - Note: Core PCE excludes food and energy. Interest rate (%)* 3.4 3.8 3.1 3.6 3.1 3.4 3.1 3.1 Interest rate range (%) 2.6-3.6 3.4-4.4 2.4-3.9 2.9-4.4 2.6-3.9 2.9-3.9 2.6-3.9 2.9-3.9

• Incorporates 19 data points from individual Fed members' end-of-period projections. Growth and inflation projections correspond to the fourth quarter of the indicated year compared to the same period of 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 7 FED: QUARTERLY MACROECONOMIC PROJECTIONS* (In %, upper limit) The latest macroeconomic projections from the Fed consider higher total and core inflation in 2026 and 2027. Consequently, they raised the median interest rate in the projection horizon. Source: Fed.

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• ● 3.50 - 3.75 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50 5.00 March June March June March June March June 2026 2027 2028 Long Term REFERENCE RATE: FOMC MEMBERS' ESTIMATE, MAR VS JUN (In percentage, midpoint of the range) Compared to March, FOMC members expect, on average, that the rate level should be higher in each year.

0 20 40 60 80 100 120 140 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 Jan-26 Jan-27 WTI CRUDE OIL: JANUARY 2017 - DECEMBER 2027 (USD/bl) IR Mar 26 IR Jun 26 Source: Reuters and BCRP. Avg. Annual % Var. Avg. Annual % Var. 2023 78 -18.2 78 -18.2 2024 77 -1.3 77 -1.3 2025 65 -15.2 65 -15.1 2026 83 27.8 80 22.6 2027 74 -11.1 72 -9.4 IR Mar.26 IR Jun.26 0 1 000 2 000 3 000 4 000 5 000 6 000 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 Jan-26 Jan-27 GOLD: JANUARY 2017 - DECEMBER 2027 (USD/oz.tr.) IR Mar 26 IR Jun 26 Source: Reuters and BCRP. 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 4702 36.6 4554 32.3 2027 4832 2.7 4461 -2.0 IR Mar.26 IR Jun.26 0 40 80 120 160 200 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 Jan-26 Jan-27 ZINC: JANUARY 2017 - DECEMBER 2027 (ctv. USD/lb.) IR Mar 26 IR Jun 26 Source: Reuters and BCRP. 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 142 9.3 157 20.9 2027 137 -3.3 159 1.1 IR Mar.26 IR Jun.26 Source: Reuters and BCRP. 9 0 100 200 300 400 500 600 700 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 Jan-26 Jan-27 COPPER: JANUARY 2017 - DECEMBER 2027 (ctv. USD/lb.) IR Mar 26 IR Jun 26 Source: Reuters and BCRP. 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 555 23.1 609 35.0 2027 561 1.2 623 2.3 IR Mar.26 IR Jun.26 Industrial metal prices increased driven by persistent demand and supply factors, while gold and oil prices have been declining due to expectations of a peace agreement between the US and Iran.

Contents External Sector National Economic Activity Public Finances Monetary Policy Inflation Projection 10 Balance of Payments

100 87 110 109 95 115 125 113 121 136 193 190 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) Avg. Annual % Var. 2023 2024 2025 2026* 2027* Terms of Trade 7.6 12.4 19.9 18.3 -1.3 Export prices -2.7 7.6 17.5 25.6 -0.6 Import prices -9.6 -4.1 -2.0 6.2 0.7 Memo: Copper (ctv. USD / lb.) 385 415 451 609 623 Gold (USD / oz.) 1 943 2 388 3 442 4 554 4 461 WTI Crude Oil (USD / bl.) 78 77 65 80 72 *Projection. Source: BCRP. It is estimated that in 2026 the terms of trade index will reach its highest level on record, driven by export prices. 11 Product Dec.25 (a) Jun.26 (b) Maximum 2026 (c) Var.% (b)/(a) (b)/(c) Fertilizers (USD/Short Ton) 630 723 986 14.7 -26.7 Urea (USD/MT) 408 458 858 12.3 -46.7 June data as of day 16.

-2,912 1,962 6,686 7,215 6,893 8,098 14,894 10,094 17,005 24,144 35,433 43,049 49,393 48,328 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 May-26 1/ 2026* 2027* 1/ Accumulated last 12 months as of May 2026. *Projection. Source: BCRP. TRADE BALANCE (Millions of USD) Estimated IR Mar 26: USD 44,336 million The trade balance surplus for 2026 and 2027 is revised upwards due to higher terms of trade prospects. 2026: Exports of USD 118,171 million Imports of USD 68,778 million 2027: Exports of USD 120,758 million Imports of USD 72,431 million 2025: Exports of USD 93,993 million Imports of USD 58,560 million 12

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