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Peru’s inflation closes 2021 at 13-year high -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – A man is seen selling groceries in Lima’s Surco Market on August 31, 2018. REUTERS/Mariana Bazo

LIMA, Reuters – Peru ended 2021 at 6.43% inflation, the highest level in thirteen years, and far above the goal of the central banks, said the government Saturday.

This South American nation, which is one of the largest mineral producers in the world, set an inflation target last year of between 1% and 3%.

The National Institute of Statistics and Information, (INEI) says that in 2021, higher fuel and food prices drove consumer prices in Lima, which is considered the benchmark region in Peru.

Julio Velarde, Peru’s chief central bank official said that inflation rose due to higher import prices and depreciation in the local currency relative to the U.S. Dollar.

Inflation in Peru is expected to fall to 2.9% for 2022 according to the central bank. The central bank also expects that inflation will remain at 2.1% for 2023.

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