Peru’s Inflation Hits 1.68% in 2024’s First Ten Months
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- 04 Nov 2024
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Peru's inflation rate for the first ten months of 2024 has been reported at 1.68%, according to the National Institute of Statistics and Informatics (INEI). This figure reflects a slight decrease of 0.04% in October, indicating a relatively stable economic environment. The findings were released in a technical report on economic price indicators by INEI on Friday.
In the Lima Metropolitan area, prices experienced a minor decrease of 0.09%, resulting in a cumulative inflation rate of 1.76% for the January-October period. These statistics provide valuable insights into the economic stability of the country.
When examining the annual inflation rate over the last 12 months, the national figure stands at 1.73%, while the Lima Metropolitan area recorded a slightly higher rate of 2.01%. These numbers suggest that while inflation remains modest, there are variations between different regions.
The national price decrease in October was primarily driven by declines in three key sectors:
i. Food and Non-Alcoholic Beverages: Decreased by 0.36%
ii. Communications: Dropped by 0.07%
iii. Transport: Fell by 0.06%
Despite these decreases, nine sectors experienced price increases in October. Notable rises included:
- Restaurants and Hotels: Increased by 0.20%
- Housing, Water, Electricity, Gas, and Other Fuels: Rose by 0.18%
- Miscellaneous Goods and Services: Up by 0.15%
- Recreation and Culture: Increased by 0.11%
- Alcoholic Beverages and Tobacco: Rose by 0.07%
- Health: Increased by 0.04%
- Education: Up by 0.02%
- Clothing and Footwear: Increased by 0.02%
- Furniture, Household Items, and Home Maintenance: Slightly rose by 0.01%
These varied changes illustrate the complex nature of Peru's economic landscape, highlighting how different sectors respond to market forces and consumer demand.
In terms of regional price changes, consumer prices increased in 17 cities across Peru in October. Chiclayo recorded the highest rise at 0.42%, followed by Huancavelica with a 0.31% increase, and Moquegua, which saw a 0.26% rise in consumer prices.
Overall, these figures provide a snapshot of Peru's economic situation in 2024, indicating modest inflation with some sectors experiencing growth while others contract. This data is crucial for understanding the country's economic health and trends, as it reflects the ongoing adjustments within various sectors of the economy.
