Peru’s monthly inflation hits a 26-year high in March by Reuters

©Reuters. FILE PHOTO: People walk at the Surco market in Lima, Peru August 31, 2018. REUTERS/Mariana Bazo

LIMA (Reuters) – Peru’s inflation hit its highest level in more than two decades in March, the government said on Friday, buoyed by rising global fuel and food prices amid the conflict between Russia and Ukraine.

Consumer prices in the Andean country rose 1.48% last month, the highest since February 1996’s 1.53%, according to historical data from the Central Bank of Peru.

In the first quarter of 2022, consumer prices in the Lima metropolitan area – which are considered the national benchmark – were 1.84%, the government’s statistics office said.

The National Institute for Statistics and Information also said Peru’s trailing-12-month inflation now stands at 6.82%, well above the central bank’s annual target of 1% to 3%.

In 2021, the South American country — the world’s second-biggest producer — recorded annual inflation of 6.43%, the highest rate in 13 years.

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Chris Barrese

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