Peru: Inflation in Lima reached 8.45% in November 2022

Inflation in Metropolitan Lima increased by 0.52% in November 2022, according to figures published on Thursday by the National Institute of Statistics and Informatics (INEI), above the expectations of Bloomberg analysts, who estimated a 0.33% in November, compared to 0.35% in October.

These results led the accumulated inflation between January and November to a variation of 7.60%, while interannual inflation reached 8.45% in the capital of Peru, which is the benchmark for the country.

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According to the INEI, the results of the CPI for Metropolitan Lima are explained by the contribution of the Food and Non-Alcoholic Beverages sectors, which had an increase of 0.77%; Restaurants and Hotels 0.68%; Lodging, Water, Electricity, Gas and Other Fuels 0.83%; Miscellaneous Goods and Services 0.60%; and Transport with 0.27%; “which together contributed 0.45 percentage points, explaining 88% of the variation in the general index (0.52%)” in November.

Regarding the change in inflation excluding food and energy, the INEI specified that it was 0.23% in November. The variation for the month of November of this year, of the excluded products are: food and beverages consumed inside and outside the home (0.73%), gasoline and lubricants (1.04%), domestic gas (-2.60%), solid fuels (-0.15%), natural gas for housing (1.77%) and residential electricity (3.69%).

At the national level, according to the technical bulletin, consumer prices increased in the twenty-six cities of the country, with the highest variation being observed in the city of Ica with 0.85%. Likewise, “with positive variations, included in the interval between 0.60% and 0.45%, six cities are located: Cusco 0.59%, Puno 0.54% and Ayacucho 0.53% in the mountains; followed by Metropolitan Lima and Trujillo with 0.52%, each one located on the coast”.

Recently, a study by Mapfre Economics entitled ‘Economic and Sectoral Overview: prospects for the fourth quarter’, indicated that inflation in Peru could fall back to 5.2% at the end of 2023, but that given a more complex macroeconomic situation, the estimate The closing price for that year could even be 6.4%, still far from the Central Bank’s goal of around 3%.

With information from Bloomberg Línea