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Chicken price continues to fall, but inflation would remain high until 2024

Chicken price continues to fall, but inflation would remain high until 2024

The Central Reserve Bank of Peru (BCRP) has recognized that the tightening of its monetary policies will not take effect at the desired time, and that inflation in our country, located at around 7.9% in May —there will only be an update next week—, will not return to the desired target range of 3% until the first part of 2024.

During the presentation of the June Monetary Program, the Central Manager of Economic Studies of the BCRP, Adrián Armas, pointed out that, discounting energy and food, Peru’s inflation is one of the lowest at the regional level.

However, this changes in various products of the basic basket, as in the case of chicken, due to factors typical of the “idiosyncrasies” of our economy: bird flu, crops derived from agricultural campaigns with increasing fertilizers, droughts and social conflict. . “The food component has still been showing increases beyond global inflation, which was what affected the period 2022,” he rescued.

In this line, the BCRP specified that inflation will approach 3% towards the end of 2023, with food prices that will not be fully corrected until the first quarter of 2024. “Based on a current 7.9%, we expect inflation to year-on-year drop significantly in the following months and will be corrected to the target range next year”, said Armas.

All in all, he said he hoped that the downward trend of the YoY inflation in the coming months, which would be more marked in July and the following months “from what we have seen so far.”

low chicken price

Indeed, the price of poultry has begun a slow de-escalation that has been noticed in most of the wholesale centers of the capital. According to the Supply and Price Information System (Sisap) of the Ministry of Agrarian Development and Irrigation (midagri), a kilo of chicken was sold this Friday at S/8.93 in retail markets, a reduction of 4.8% compared to Thursday’s supply.

not so with him pink egg, which, according to the same report, only recorded a 1.1% reduction in its price compared to the previous day and was offered at S/9.23. Situation that, somehow, does not stop generating concern among housewives, since fish, a traditional substitute for both products, it continues to be scarce in our city due to the fact that abnormal waves continue along the entire coast.

LR infographic

Source: Larepublica

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