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Annual inflation reached 9.28% nationwide, according to the INEI

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The consumer price index (CPI) in Peru it was 1% in July of this year, this figure is lower than that reported in June (1.03%), according to the National Institute of Statistics and Informatics (INEI).

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Thus, annual inflation at the national level accumulates a rate of 9.28%. This result was influenced by the rise in transportation prices, which rose by 2.19% in the seventh month of the year, while food and non-alcoholic beverages rose by 1.77% on average.

Jorge Guillén, professor of Finance at ESAN Graduate School of Business, pointed out that, although the inflation rate is lower than the previous month, it is still high. However, he considers that the trend of the next figures will be downward, as forecast by the Central Reserve Bank of Peru (BCRP), to reach the target range of between 1% and 3% next year.

“There are still certain upward pressures on oils and cereals that, probably, from September or October we can see a reversal of the trend, a slowdown, but it is not that we can feel a reduction in the cost of living yet, there is still a long way to go. ”, mentioned the teacher.

inflation in the capital

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In Metropolitan Lima, the IPC fell from 1.19% in June to 0.94% in July of this year; nevertheless, accumulates an annual inflation of 8.74%, the highest in 25 years, that is, a rate not seen since June 1997, when it reached 9.48%.

In detail, of the 586 products that make up the family basketa total of 428 recorded price increases, 77 fell and the other 81 showed no variation.

The result of inflation in Lima was influenced by the increase in the price of passenger transportation by air (8.1%), such as national (18.6%) and international (4.6%) airfares. Gasohol (2.5%) and liquefied petroleum gas for vehicles (0.8%) and passenger transport by road (2.2%) also rose.

Meanwhile, white potatoes rose by 11.93%, eviscerated chicken by 3.33%, new cars by 2.76%, and restaurant menus by 0.95%.

On the other hand, the greatest decrease in prices of food products in the capital occurred in chicken eggs (-2.44%), carrots (-10.12%), strong avocados (-5.30%), sugar blonde (-2%) and tangerine (-4.31%).

Products without VAT

After not being extended by the Executive, on July 31 the IGV exoneration of the five products of the basic basket expired: bread, sugar, eggs, chicken and pasta. The INEI report shows that only sugar had a decrease in the months of validity, while bread and pasta rose. Chicken and eggs had mixed variations (see infographic).

Infographic-The Republic

Infographic-The Republic

Infographic-The Republic

16 cities with double-digit inflation

In July, the 26 cities where the CPI is calculated registered price increases. The highest variations were observed in Abancay (1.66%), Tumbes (1.55%), Ica (1.46%), Tacna (1.45%) and Moquegua (1.42%); meanwhile, the cities with the lowest variation were Trujillo (0.72%), Chimbote (0.73%) and Tarapoto (0.77%).

On an annual basis, 16 of the 26 cities analyzed register double-digit inflation. Huaraz leads the list with a rate of 13.16%; followed by Cerro de Pasco with 12.38%; and Puerto Maldonado with 12.14% (see infographic).

The data

Projection. BBVA Research anticipates that the moderation of year-on-year inflation will be slow. In addition, he estimates that the BCRP will continue raising its reference rate to contain inflation in the country.

Source: Larepublica

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