Peru Sees Inflation Ease in November 2023

In November 2023, Peru underwent a significant economic shift, evidenced by a 0.26 percent decrease in the Consumer Price Index (CPI).

This change led to a cumulative inflation rate of 3.1 percent for the year. The National Institute of Statistics and Informatics (INEI) provided these figures.

In Metropolitan Lima, the CPI decrease was slightly lower at 0.16 percent. Over the last eleven months, this area saw an inflation increase of 2.82 percent.

Considering the past 12 months, the annual rate rose to 3.79 percent nationally and 3.64 percent in Metropolitan Lima.

The drop in November’s CPI primarily came from lower prices in specific sectors. Food and Non-Alcoholic Beverages decreased by 1.39 percent.

Transportation costs fell by 0.4 percent and Communications by 0.04 percent.

In the food sector, notable price drops included fruits, chicken eggs, packaged vegetable oil, and some vegetables and tubers.

However, some food items like meat and bread saw slight price increases.

In the transportation sector, the reduction was mainly due to a 3.4 percent decrease in vehicle fuel prices.

Other divisions reported positive rate changes. These included Housing, Water, Electricity, Gas, Other Fuels, and Restaurants and Hotels.

Additional increases were seen in Miscellaneous Goods and Services, Recreation and Culture, Health, Alcoholic Beverages and Tobacco, Furniture, Household Items, Home Maintenance, Clothing and Footwear, and Education.

INEI observed that the CPI showed negative variations in 19 of the 26 cities where it’s measured.

This indicates a broader economic trend across Peru. The country’s inflation dynamics reflect a complex interplay of various market forces and sectors.