The central bank has placed the interest rate on hold since May 2011.
The central bank said in a statement Thursday its decision is based on that inflation’s deviation from the target has reflected transitory supply factors and on that the economy’s pace of growth is close to its potential rate of growth.
Moreover, uncertainty remains in international financial markets, which is being reflected in the decline of terms of trade and in prospects of lower growth in both developed and emerging countries, the bank added.
The board oversees the inflation forecasts and inflation determinants to consider additional
adjustments in monetary policy tools.
Inflation in July registered a monthly rate of 0.09 percent, as a result of which inflation in the last 12 months declined from 4.00 percent in June to 3.28 percent in July.
Core inflation recorded a rate of 0.20 percent in July and thus accumulated a rate of 3.58 percent in the last 12 months.
Inflation excluding food and energy showed a rate of 0.16 percent and an annual rate of 2.42 percent.
The evolution of inflation in July shows that the supply factors that led inflation to rise transitorily above the target range continue to reverse.
Adverse climate conditions in the major producing countries of grains have temporarily raised the international prices of these commodities. Despite these price rises, inflation is expected to gradually converge to the target range in the rest of the year.
Some current and advanced indicators of activity show that the economy’s growth has stabilized around its long-term sustainable level of growth, although the indicators associated with the external market register a weak performance.
On the other hand, indicators of global economic activity show that uncertainty about the pace of global economic activity has increased.
The central bank aims to keep inflation in a target range of 1.0% to 3.0%. Peru's economy is expected to grow by about 6% this year, after expanding 6.92% in 2011.