Peru Central Bank: El Niño Impact to Persist Through H1 2027

The striking element is the horizon: a weather shock framed as a multi-year drag, not a seasonal one, which matters for how the central bank calibrates policy when supply-side pressure has no quick fix. Food and agricultural prices are the channel most exposed, making the inflation path harder to read than demand data alone. The official gave no economic or inflationary detail, so the open question is whether this projection starts surfacing in the central bank's own forecasts and policy communication.