Objective:

To determine the contribution of international energy and food price shocks in Peru’s inflation during the period 2002-2022.

Method:

A structural autoregressive vector model (SVAR) was estimated following the reflection of Blanchard and Quah so that it reflected the behavior of a small and open economy such as Peru's. In addition, the Granger causality test, cumulative impulse-response functions, and variance decomposition were used to achieve the goal.

Results:

The oil, grain and fertilizer price shocks are weakly inflationary, while the ocean freight shocks are weakly deflationary. In addition, these shocks explain slightly the need for inflation.

Conclusion:

In the long term, the contribution of international energy and food price shocks on domestic inflammation has been significant and permanent; however, the effects are weak and heterogeneous. This would be associated with good management of monetary policy by the Central Reserve Bank of Peru.

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