Is Peru cheap or expensive?

I'm curious to know, when it comes to traveling and spending money in Peru, is it generally considered a cheap destination or an expensive one? What factors should travelers take into account when budgeting for their trip, such as accommodation, food, and transportation costs? Are there any specific regions or cities within Peru that are known to be more affordable or pricier than others? And finally, are there any ways to save money or stretch a budget while exploring Peru?