Instead of attempting to create variables 'on the fly,' consider creating a hash of arrays (HoA) whose keys are array1 .. array5:

use strict;
use warnings;

my %hash;

for my $i ( 1 .. 5 ) {
    for my $k ( 0 .. 4 ) {
        ${ $hash{ 'array' . $i } }[$k] = $i**$k;
    }
}

print "$_: @{ $hash{ $_ } }\n" for sort keys %hash;
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Output:

array1: 1 1 1 1 1
array2: 1 2 4 8 16
array3: 1 3 9 27 81
array4: 1 4 16 64 256
array5: 1 5 25 125 625
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Hope this helps!