Study Note No. 39: Inflation - May 2026

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INFLATION: MAY 2026

1. In May 2026, a monthly inflation rate of -0.16 percent and 3.91 percent over the last 12 months were recorded.
   BCRPData/NEINF20265G1
2. The largest downward contributions came from chicken meat, fresh legumes, and potatoes, while the restaurant food service and electricity contributed to the increase.
   BCRPData/NEINF20265C1
   Main price increases of the month

• Meals away from home (0.8 percent): The result reflected the increase in demand at the beginning of the month due to Mother's Day celebrations. The price of the restaurant menu, the main component of this category, increased by 0.9 percent; in a context where the price of domestic gas increased by 0.3 percent and maintains an accumulated growth of 9.5 percent since January. Price increases were also recorded in grilled meat (2.7 percent), pork cracklings (1.4 percent), anticuchos (0.9 percent), sandwiches (0.8 percent), and roast chickens (0.7 percent).
• Electricity (4.2 percent): Electricity tariffs increased due to higher fixed costs of secondary transmission (contribution of 2.3 percentage points) and a higher exchange rate (contribution of 1.9 percentage points).
• Other fresh fruits (2.4 percent): This mainly reflected the higher price of mango (26.6 percent), whose supply from Áncash decreased (-27.7 percent). The price of granadilla increased by 10.6 percent due to lower shipments from Pasco (-2.4 percent compared to April), at the start of the second friaje of the year that affected the central jungle. In contrast, the price of strawberries decreased by 13.6 percent due to the seasonal increase in supply, mainly of the "San Andreas" variety, grown in the valleys of Lima.
• Papaya (6.8 percent): The price of papaya increased due to a lower supply, affected by adverse weather conditions. Supply from Ucayali and Madre de Dios decreased by 13.6 percent compared to April. In these regions, river flows have increased due to rains in the low jungle, causing crop losses and difficulties in road transport.
• Telephonic equipment (2.1 percent): The result is explained by the increase in the price of mobile telephonic equipment (2.3 percent).
• Education (0.1 percent): The increase in the category is due to the increase in the price of private classes (2.6 percent) in May.
  Main price decreases of the month
• Chicken meat (-8.0 percent): The price of chicken meat decreased due to a greater supply. This is explained by the lower mortality of farm chickens due to the drop in temperatures in Lima, as well as the greater placement of BB chickens in March compared to February (7.4 percent).
• Fresh legumes (-32.9 percent): A lower price of green peas (-39.5 percent) was recorded, due to a greater supply from Huánuco (48.9 percent compared to April) and Junín (16.1 percent compared to April). The decrease in precipitation in the central highlands during the first half of the month favored harvesting activities.
• Potato (-6.2 percent): Prices of white and yellow potatoes decreased (-5.8 and -7.0 percent, respectively). This is explained by the development of the large campaign in the Central Highlands. In May, the supply of both varieties from Huánuco, Junín, and Ayacucho was 16.9 percent higher than the average of the first quarter of the year.
• Mandarin (-7.3 percent): An increase in supply was recorded (17.5 percent compared to April), due to the seasonal entry of the "Clementina", "Murcott", and "Primosole" varieties, which come mainly from the valleys of Lima and Ica.

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• Eggs (-1.9 percent): The result is explained by an increase in seasonal supply. Lower temperatures on the coast improved the yield of laying hens and reduced operating costs.
• National land transport (-4.9 percent): The result is influenced mainly by the lower price of interprovincial bus fares following the normalization of fare tariffs after Easter.
  BCRPData/NEINF20265C2
  Average Weight
  Dec.21=100 2001-2025 Month 12 months Month 12 months CPI 100.0 2.90 0.52 4.01 -0.16 3.91

1. CPI without food and energy 55.3 2.35 0.87 4.41 0.09 4.44
   SAE without transport 46.1 2.22 0.14 1.52 0.14 1.56 Goods 17.4 2.0 0.2 0.6 0.1 0.7 Services 37.9 2.6 1.2 6.1 0.1 6.1 Transport 9.1 2.9 4.0 18.1 -0.2 18.2 National land transport 0.3 4.2 4.4 0.7 -4.9 4.8 Local transport 8.1 2.9 3.9 19.1 0.0 19.1 National air transport 0.2 4.2 5.2 17.2 -3.8 16.4
2. Food and energy 44.7 3.5 0.1 3.6 -0.5 3.3
   a. Food and beverages 40.0 3.6 0.1 3.8 -0.7 3.2 Chicken meat 2.7 2.6 -7.2 7.9 -8.0 0.9 Eggs 0.7 3.3 -0.4 -12.1 -1.9 -11.7 Agricultural perishable foods 5.0 4.3 1.7 14.9 -3.3 12.5 Potato 0.7 4.0 6.4 30.5 -6.2 20.7 Fresh legumes 0.2 3.8 -9.9 53.5 -32.9 -0.4 Marine fish 0.7 2.9 3.7 5.4 0.5 -0.3 Meals away from home 15.5 3.8 0.6 3.6 0.8 4.0 Rest 15.4 3.3 0.0 0.3 0.1 0.5 b. Fuels and electricity 4.8 2.8 0.7 0.9 2.2 3.9 Fuels 2.1 2.7 0.4 13.5 0.2 14.4 of which Vehicle fuels 1.1 2.1 2.8 28.4 0.1 29.5 Domestic gas 0.8 2.4 -2.9 1.6 0.3 2.6 Electricity 2.6 2.6 0.9 -8.9 4.2 -4.4 April 2026 Inflation: May 2026 Percentage variations May 2026

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Evolution of annual inflation to May
3. The annual inflation of May (3.91 percent) was lower than that of April (4.01 percent). The result responds mainly to the reduction of chicken meat (from 7.9 to 0.9 percent), fresh legumes (from 53.5 to -0.4 percent), and potato (from 30.5 to 20.7 percent).
BCRPData/NEINF20265G2
4. In May, inflation without food and energy (SAE) was 0.09 percent in the month and 4.44 percent in the last twelve months (4.41 percent in April). The result reflects the acceleration of annual teaching not attributable to any level (from 2.3 to 4.9 percent), national land transport (from 0.7 to 4.8 percent), and telephonic equipment (from 2.6 to 4.5 percent).
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May-23 Aug-23 Nov-23 Feb-24 May-24 Aug-24 Nov-24 Feb-25 May-25 Aug-25 Nov-25 Feb-26 May-26 INFLATION (Percentage variation last twelve months) Inflation Inflation without food and energy Food and energy Maximum Minimum Inflation target range Avg. 01-25 2022 2023 2024 2025 May-26 Inflation: 2.9% 8.46% 3.24% 1.97% 1.51% 3.91% Without food and energy: 2.3% 5.59% 2.90% 2.60% 1.83% 4.44% Food and energy: 3.5% 12.02% 3.63% 1.23% 1.13% 3.28% 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 Total Inflation Monthly 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 12 months 1.65 1.69 1.11 1.36 1.35 1.37 1.51 1.70 2.21 3.80 4.01 3.91 Inflation without food and energy Monthly 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 12 months 1.90 1.79 1.69 1.68 1.75 1.81 1.77 1.77 1.83 2.02 2.20 3.65 4.41 4.44 SAE services Monthly 0.19 0.03 0.06 0.26 0.14 0.08 0.07 0.10 0.67 -0.03 0.48 2.96 1.17 0.07 12 months 2.01 1.95 1.89 1.93 2.09 2.19 2.14 2.20 2.29 2.56 2.83 5.08 6.10 6.14 Food and energy prices Monthly 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 12 months 1.36 1.57 1.70 1.70 0.36 0.83 0.86 0.91 1.13 1.32 2.23 3.98 3.56 3.28

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BCRPData/NEINF20265G4
BCRPData/NEINF20265G3
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 SAE goods Monthly 0.04 0.09 0.08 0.02 -0.04 0.02 -0.01 -0.05 0.00 0.18 0.09 0.06 0.17 0.13 12 months 1.65 1.41 1.25 1.14 1.01 0.97 0.95 0.81 0.82 0.85 0.80 0.48 0.62 0.67 SAE services Monthly 0.19 0.03 0.06 0.26 0.14 0.08 0.07 0.10 0.67 -0.03 0.48 2.96 1.17 0.07 12 months 2.01 1.95 1.89 1.93 2.09 2.19 2.14 2.20 2.29 2.56 2.83 5.08 6.10 6.14 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 Food prices Monthly 0.62 -0.13 0.25 0.36 -0.53 0.01 -0.21 0.30 -0.01 0.19 1.27 2.20 0.06 -0.70 12 months 1.61 1.87 1.98 2.07 0.91 1.44 1.53 1.78 2.04 2.29 3.33 4.39 3.82 3.22 Energy prices Monthly -0.45 -0.71 -0.30 -0.41 -2.76 -0.65 -0.87 -1.22 -0.07 -0.15 -1.00 8.82 0.67 2.18 12 months -1.10 -1.38 -1.14 -2.10 -5.20 -5.26 -5.84 -7.81 -7.94 -8.31 -8.76 -0.20 0.92 3.86 0,67 6,14 0 1 2 3 4 5 6 7 May-23 Sep-23 Jan-24 May-24 Sep-24 Jan-25 May-25 Sep-25 Jan-26 May-26 INFLATION WITHOUT FOOD AND ENERGY (Percentage variation last twelve months) SAE goods SAE services Maximum Minimum Inflation target range 3,22 3,86 -10 -5 0 5 10 15 20 25 May-23 Sep-23 Jan-24 May-24 Sep-24 Jan-25 May-25 Sep-25 Jan-26 May-26 FOOD AND ENERGY (Percentage variation last twelve months) Food and beverages Energy

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5. SAE goods prices registered an annual price variation of 0.67 percent in May, higher than that observed in April (0.62 percent). Among the categories that contributed to a greater variation stand out telephonic equipment (from 2.6 to 4.5 percent), medicines (from 0.2 to 0.4 percent), and televisions (from 0.9 to 2.0 percent).
BCRPData/NEINF20265C10
6. Services registered an annual price variation of 6.14 percent in May, higher than that observed in April (6.10 percent). Among the categories that contributed to a greater variation stand out teaching not attributable to any level (from 2.3 to 4.9 percent), national land transport (from 0.7 to 4.8 percent), and rents (from 0.2 to 0.3 percent).
Inflation Goods
Annual percentage variations
Wt. Dec-23 Dec-24 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Goods 17.38 2.68 1.63 0.95 0.81 0.82 0.85 0.80 0.48 0.62 0.67 Textile and Footwear 4.10 2.74 0.67 1.10 1.12 1.20 1.24 1.12 1.08 1.03 1.01 Textile 2.86 3.22 0.78 1.20 1.21 1.23 1.26 1.16 1.08 0.99 0.97 Footwear 1.23 1.62 0.41 0.86 0.91 1.13 1.18 1.03 1.09 1.12 1.10 Household appliances 0.46 0.67 1.99 2.53 2.36 2.57 2.64 2.59 2.14 1.41 1.03 of which:
Stoves and refrigerators 0.22 1.53 2.86 3.25 2.85 3.04 2.85 2.86 2.45 2.00 1.26 Washing machines 0.13 -0.58 2.52 2.46 2.20 2.94 3.25 3.23 2.72 1.69 1.37 Other large household appliances 0.06 -0.96 -1.77 1.88 2.97 1.88 1.95 1.15 0.11 -1.46 -1.25 Small electrical appliances 0.05 2.09 1.42 0.36 -0.02 0.47 1.03 1.43 1.60 1.41 1.73 Other industrial 12.83 2.73 1.91 0.85 0.67 0.64 0.66 0.64 0.24 0.47 0.55 of which:
Medicines 1.62 1.60 1.51 -0.25 -0.12 -0.13 -0.27 -0.24 -0.16 0.15 0.40 Phones 0.47 -2.62 -0.36 2.44 4.10 3.35 3.44 2.80 2.18 2.57 4.49 Televisions 0.38 -0.33 0.98 0.14 0.12 0.33 0.57 0.76 0.34 0.93 1.99

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BCRPData/NEINF20265C3
7. The local transport category increased by 19.1 percent associated with the increase in the cost of inputs such as fuels, as well as the upward trend in fares explained by the transport strikes in the second half of 2025. In contrast, the national transport category varied by 4.8 percent, explained by the reversals associated with post-holiday seasonality patterns such as year-end and Easter. Additionally, the passenger transport service at the national, regional, and provincial levels benefits from the refund of 70 percent of the Selective Consumption Tax paid for their diesel purchases.
8. In May, the contribution to annual inflation of the categories most linked to the exchange rate, IPM, and quotes was 0.16 percentage points. This result was contributed to by the increase in fuel prices.
Inflation Services
Annual percentage variations
Wt. Dec-23 Dec-24 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Services 37.89 3.01 3.05 2.14 2.20 2.29 2.56 2.83 5.08 6.10 6.14 Education 8.61 6.40 5.09 4.11 4.03 4.03 4.02 3.84 3.37 3.36 3.42 of which:
Primary 1.55 10.39 6.31 5.26 5.15 4.63
Secondary 1.26 10.74 6.42 5.42 5.13 5.00
Higher 4.26 3.86 3.96 3.31 3.32 3.32 3.37 3.13 2.57 2.54 2.53 Post-secondary, non-tertiary 0.51 4.03 3.72 2.02 1.94 1.97 1.28 1.51 1.52 1.52 0.91 Teaching not attributable to any level 0.34 0.00 8.31 5.67 3.47 2.26 2.26 4.90 Transport 9.14 2.89 3.83 2.07 2.85 3.01 4.09 4.09 14.12 18.09 18.16 of which:
National land 0.27 -5.23 12.35 -1.54 -0.84 2.76 4.85 4.23 4.04 0.71 4.82 Local 8.08 3.51 3.62 2.40 2.92 3.03 3.89 4.02 14.63 19.10 19.07 National air 0.24 24.20 6.81 2.73 11.80 1.94 7.20 -2.16 11.58 17.24 16.44 International air 0.55 -9.05 2.09 -2.31 0.31 3.18 6.23 7.87 10.43 9.19 8.71 Health 1.48 3.28 1.59 1.21 1.34 1.53 1.72 1.82 1.84 1.72 1.70 Other services 5.03 3.23 2.43 2.84 2.70 2.59 2.58 2.50 2.41 2.52 2.72 of which:
Recreational and sports services 0.46 0.87 2.60 2.17 2.17 1.76 1.30 2.35 3.01 1.84 2.81 Other personal services 3.37 2.39 1.79 3.69 3.74 4.24 4.60 5.02 5.27 5.55 5.42 of which:
Domestic services 2.25 0.86 1.08 3.42 3.36 3.96 4.37 5.02 5.31 5.58 5.24 Public services 5.81 0.71 2.02 -0.39 -1.08 -1.09 -1.29 0.54 -0.89 -1.12 -1.24 of which:
Fixed and mobile telephone service 4.26 0.35 -0.11 -1.10 -2.08 -3.29 -5.26 -5.58 -5.74 Water 1.37 1.32 7.48 0.80 0.00 10.29 Rents 4.45 -0.19 0.57 -0.26 -0.43 -0.33 -0.39 -0.25 0.03 0.17 0.33

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BCRPData/NEINF20265C4
Categories linked to the exchange rate, international quotes, and IPM Weight Var% 12 m Var% 12 m Var% 12 m Var% 12 m Base Dec.21 Dec-23 Dec-24 Dec-25 May-26 CPI (I+II) 100.00 3.24 3.24 1.97 1.97 1.51 1.51 3.91 3.91 A. Categories linked to the exchange rate 14.58 1.92 0.27 1.77 0.25 0.25 0.03 0.54 0.07 Household appliances 0.46 0.67 0.00 1.99 0.01 2.57 0.01 1.03 0.00 Personal care items 3.99 4.76 0.19 2.48 0.10 2.22 0.09 1.66 0.07 Cleaning products 1.32 4.65 0.06 1.35 0.02 0.60 0.01 0.11 0.00 Medicinal products 1.62 1.60 0.02 1.51 0.02 -0.13 0.00 0.40 0.01 Vehicle purchases 1.61 0.12 0.00 2.97 0.05 -5.81 -0.09 -6.33 -0.10 Vehicle spare parts 0.08 -2.25 0.00 1.05 0.00 1.46 0.00 -0.47 0.00 Vehicle repair 0.28 4.62 0.01 1.15 0.00 3.66 0.01 3.82 0.01 Rents 4.45 -0.19 -0.01 0.57 0.02 -0.33 -0.01 0.33 0.01 Air fares 0.78 -1.37 -0.01 3.47 0.02 2.81 0.02 10.58 0.07 B. Categories linked to international quotes and exchange rate (1+2) 7.99 1.44 0.12 -1.53 -0.12 -5.14 -0.40 0.54 0.04

1. Linked to food commodities 5.84 3.96 0.25 -2.94 -0.18 -4.38 -0.26 -3.67 -0.22
   Chicken meat 2.70 8.04 0.20 2.66 0.07 -3.74 -0.10 0.86 0.02 Bread 1.35 0.74 0.01 -0.18 0.00 -0.90 -0.01 -1.56 -0.02 Sugar 0.37 5.41 0.02 -2.30 -0.01 -18.01 -0.08 -15.38 -0.06 Noodles 0.32 3.61 0.02 -8.13 -0.04 -7.48 -0.03 -9.70 -0.04 Oils 0.38 -9.16 -0.04 -9.33 -0.03 -1.29 0.00 -2.00 -0.01 Eggs 0.71 3.30 0.03 -17.73 -0.17 -4.74 -0.04 -11.68 -0.11
2. Fuels 2.15 -6.36 -0.13 3.32 0.06 -7.62 -0.14 14.36 0.26
   Gasoline and lubricants 1.06 -8.38 -0.09 -4.57 -0.04 -8.22 -0.07 29.48 0.26 Gas 0.84 -5.77 -0.04 16.47 0.11 -6.35 -0.05 2.58 0.02 Other fuels 0.02 1.68 0.00 -2.55 0.00 1.61 0.00 4.31 0.00 Natural gas consumption for housing 0.23 2.22 0.00 -0.02 0.00 -10.36 -0.02 -11.11 -0.02
   C. Categories related to IPM 1.37 1.32 0.02 7.48 0.10 0.80 0.01 10.29 0.14
   Water consumption 1.37 1.32 0.02 7.48 0.10 0.80 0.01 10.29 0.14 D. Categories related to the exchange rate, IPM and quotes 2.62 -7.11 -0.19 -0.72 -0.02 -8.19 -0.19 -4.39 -0.10 Electricity 2.62 -7.11 -0.19 -0.72 -0.02 -8.19 -0.19 -4.39 -0.10
   I. Total categories linked to exchange rate,
   IPM and quotes (A+B+C+D) 26.56 0.82 0.22 0.80 0.21 -2.15 -0.55 0.64 0.16
   II. Rest 73.44 4.10 3.02 2.37 1.76 2.76 2.06 5.00 3.74
   of which
   Meals away from home 15.45 6.56 1.03 2.89 0.47 2.68 0.44 4.02 0.66 Transport 9.14 2.89 0.27 3.83 0.36 3.01 0.29 18.16 1.70 Services without transport and water 28.44 2.94 0.80 2.65 0.72 2.13 0.58 1.90 0.52 Agricultural perishable foods 5.04 0.69 0.04 -3.22 -0.18 7.39 0.40 12.47 0.71 Contr. Wt. Contr. Wt. Contr. Wt. Contr. Wt.

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Trendy inflation indicators
9. In May, all trendy inflation indicators presented monthly variations lower than the previous month, while annual measures increased compared to April, with the exception of the 63rd percentile.
BCRPData/NEINF20265G5
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May-08 May-10 May-12 May-14 May-16 May-18 May-20 May-22 May-24 May-26 INFLATION (Percentage variation last twelve months) Inflation Re-weighted Trimmed Mean 63rd Percentile Inflation without food and energy Maximum Minimum Inflation target range Avg.01-25 2022 2023 2024 2025 Apr. 26 May. 26 Inflation: 2.9% 8.46% 3.24% 1.97% 1.51% 4.01% 3.91% Without food and energy: 2.3% 5.59% 2.90% 2.60% 1.83% 4.41% 4.44% Re-weighted: 2.8% 7.62% 4.23% 2.27% 1.86% 3.04% 3.21% Trimmed Mean: 2.9% 8.22% 4.21% 2.36% 2.12% 3.43% 3.51% 63rd Percentile: 2.9% 8.84% 4.80% 2.68% 2.27% 3.34% 3.34%

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BCRPData/NEINF20265C5
MONTHLY TRENDY INFLATION INDICATORS
Monthly percentage variation
CPI Re-weighted 1/ Mean 63rd Percentile CPI without trimmed 2/ 3/ food and energy 4/ Dec-21 0.78 0.60 0.63 0.68 0.66 Dec-22 0.79 0.62 0.67 0.77 0.54 Dec-23 0.41 0.24 0.22 0.25 0.36 Dec-24 0.11 0.17 0.18 0.22 0.40 Jan-25 -0.09 0.14 0.20 0.23 -0.15 Feb-25 0.19 0.21 0.25 0.33 0.19 Mar-25 0.81 0.42 0.34 0.25 0.64 Apr-25 0.32 0.18 0.14 0.20 0.14 May-25 -0.06 0.17 0.17 0.21 0.05 Jun-25 0.13 0.17 0.13 0.19 0.07 Jul-25 0.23 0.10 0.09 0.11 0.18 Aug-25 -0.29 0.05 0.15 0.16 0.08 Sep-25 0.01 0.08 0.11 0.13 0.06 Oct-25 -0.10 0.04 0.12 0.09 0.04 Nov-25 0.11 0.10 0.14 0.17 0.06 Dec-25 0.24 0.18 0.24 0.16 0.46 Jan-26 0.10 0.19 0.22 0.27 0.04 Feb-26 0.69 0.26 0.23 0.25 0.36 Mar-26 2.38 1.17 1.31 0.93 2.07 Apr-26 0.52 0.49 0.46 0.60 0.87 May-26 -0.16 ↓ 0.33 ↓ 0.25 ↓ 0.21 ↓ 0.09 ↓ 1/ Re-weighted: Reduces the weight of categories with greater volatility, dividing the original weights of each category by the standard deviation of their variations percentage monthly. 2/ Trimmed mean: Weighted average of price variations located between the 34th and 84th percentiles. 3/ 63rd Percentile: Corresponds to the percentage variation of the category located in the 63rd percentile. 4/ CPI without food and energy: CPI excluding food, fuels, and electricity.

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BCRPData/NEINF20265C6
ANNUAL TRENDY INFLATION INDICATORS
Percentage variation 12 months
CPI Re-weighted 1/ Mean 63rd Percentile CPI without trimmed 2/ 3/ food and energy 4/ Dec-21 6.43 4.20 4.53 4.23 3.24 Dec-22 8.46 7.58 8.22 8.84 5.59 Dec-23 3.24 4.24 4.21 4.80 2.90 Dec-24 1.97 2.26 2.36 2.68 2.60 Jan-25 1.85 2.25 2.40 2.68 2.44 Feb-25 1.48 2.11 2.29 2.68 2.11 Mar-25 1.28 2.00 2.10 2.43 1.87 Apr-25 1.65 2.01 2.00 2.32 1.90 May-25 1.69 2.00 1.99 2.29 1.79 Jun-25 1.69 2.03 2.01 2.37 1.69 Jul-25 1.69 2.00 2.00 2.38 1.68 Aug-25 1.11 1.88 2.03 2.34 1.75 Sep-25 1.36 1.88 2.00 2.31 1.81 Oct-25 1.35 1.86 2.02 2.24 1.77 Nov-25 1.37 1.84 2.05 2.33 1.77 Dec-25 1.51 1.86 2.12 2.27 1.83 Jan-26 1.70 1.90 2.13 2.32 2.02 Feb-26 2.21 1.96 2.12 2.24 2.20 Mar-26 3.80 2.72 3.10 2.93 3.65 Apr-26 4.01 3.04 3.43 3.34 4.41 May-26 3.91 ↓ 3.21 ↑ 3.51 ↑ 3.34 = 4.44 ↑ 1/ Re-weighted: Reduces the weight of categories with greater volatility, dividing the original weights of each category by the standard deviation of their variations percentage monthly. 2/ Trimmed mean: Weighted average of price variations located between the 34th and 84th percentiles. 3/ 63rd Percentile: Corresponds to the percentage variation of the category located in the 63rd percentile. 4/ CPI without food and energy: CPI excluding food, fuels, and electricity.

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10. In May, tradable products registered an annual variation of 1.88 percent (1.70 percent in April) and non-tradables of 4.79 percent (5.02 percent in April). In the case of tradables, it reflects the acceleration of prices of culinary herbs, fresh cheeses, and processed spices. In the case of non-tradables, it reflects the deceleration of prices of chicken meat, fresh legumes, and potato.
BCRPData/NEINF20265G6
Dispersion indices
11. In May, the CPI dispersion index reached 36.2 percent, higher than that observed in April (33.0 percent). This index has been decreasing since February 2023, the month in which it reached 76 percent. Between January 2001 and May 2026, the value of the dispersion index, considering only the months in which inflation was located around 2.0 percent, was 27 percent.
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May-23 Sep-23 Jan-24 May-24 Sep-24 Jan-25 May-25 Sep-25 Jan-26 May-26 TRADABLE AND NON-TRADABLE PRICES (Percentage variation last twelve months) Tradables Non-tradables Maximum Minimum Inflation target range 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 Tradables Monthly 0.16 0.04 0.38 0.17 -0.52 -0.24 -0.31 -0.19 0.00 0.10 0.26 1.77 0.25 0.21 12 months 1.21 0.93 1.18 1.18 0.63 0.68 0.70 0.48 0.38 0.22 0.18 1.61 1.70 1.88 Non-tradables Monthly 0.38 -0.10 0.02 0.26 -0.19 0.12 -0.01 0.24 0.35 0.09 0.88 2.64 0.63 -0.32 12 months 1.85 2.02 1.92 1.91 1.32 1.66 1.64 1.76 2.00 2.35 3.11 4.76 5.02 4.79

BCRP STUDY NOTES
No. 39 - June 5, 2026
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BCRPData/NEINF20265G7
12. The distribution of annual variations of prices at the category level in the CPI basket presents a decrease...