As of March 2024, Paraguay noted a Consumer Price Index (CPI) increase of 1.1%, up from the previous year’s March figure of 0.4%.
This rise contributed to an overall inflation rate of 2% in the first quarter, slightly below the 2.1% seen in the same timeframe in 2023, as the Central Bank of Paraguay (BCP) reports.
The year-on-year inflation rate stood at 3.6%, an uptick from February’s 2.9% yet still below the prior year’s 6.4%.
March’s inflation was notably driven by hikes in various consumer basket categories, especially food items like beef, eggs, and fruits and vegetables, alongside fuel prices.
Significant price increases were seen in perishable goods and Easter staples such as eggs, cheese, milk, and rice.
Proteins, including beef, poultry, pork, and fish, also experienced higher prices.
The transportation sector saw fuel prices climb, encompassing diesel, premium diesel, regular and premium gasoline, and household gas.
Moreover, durable goods, including furniture, home appliances, and telecommunication equipment, faced price escalations.
Conversely, some service costs, like tourist packages and airfare, marginally decreased.
This BCP analysis reveals the multifaceted aspects influencing Paraguay’s inflation at 2024’s outset, highlighting the fluctuations across both goods and service sectors.