The Consumer Price Index in Lima, a reference for Peru, grew 1.48% in March, this being the highest monthly variation since February 1996, according to data from the National Institute of Statistics and Informatics (INEI).
The increase in prices in March, the highest monthly for 26 years, was driven by higher prices for food, education and transportation, the INEI reported.
The state entity pointed out in a bulletin that “the monthly result responds to the rise in prices observed in the divisions of consumption Food and Non-Alcoholic Beverages (3.41%), Education (2.84%), Transportation (1.89%) and Recreation and Culture (1.02 %)”.
The increase in the prices of fuel and lubricant, and the amount of tickets had an impact on the inflationary result.
It is also underlined that the March result is “the highest variation of the first quarter of the year (January 0.04% and February 0.31%)”, and confirms that it is “in the same way, a higher result since February 1996, which was 1.53% “.
During the last 12 months, the growth of prices in the South American country reached 6.82%, well above the inflation target range set by the Central Reserve Bank of Peru, between 1% and 3% annual inflation.
The Institute of Statistics also explains that the annualized inflation for the period April 2021 to March 2022 “is significantly higher than the annual evolution observed in the same period of the last three years.”
In March 2021, annualized inflation was 2.6%, while in the same month of 2020 and 2019 they were 1.82% and 2.25%, respectively.
In 2021, Peru closed with an inflation rate of 6.43%, more than double the 3% ceiling set by the Central Bank, amid electoral tensions and the COVID-19 pandemic. Covid-19.
Inflation reached its monthly peak last year in July, when prices rose 1.01% to coincide with the coming to power of leftist President Pedro Castillo.
In 2020, inflation in Peru was 1.97%, higher than the 1.90% in 2019.