Peru has quietly turned into one of Latin America’s inflation outliers. In November, consumer prices in Lima were just 1.37% higher than a year earlier, almost at the floor of the central bank’s 1%–3% target range and far below the levels that still haunt many neighbors. Month-on-month, prices rose only 0.11% after a 0.10% drop in October, leaving inflation so far this year at about 1.26%. [...]