By Marco Aquino

LIMA, Reuters – Peru’s annual inflation rate reached 7.96% in April. It is the highest in over 24 years. The copper-producing Andean nation struggles with rising food and energy prices linked to a spike in commodity prices following Russia’s invasion.

On Sunday, the INEI statistics agency in country said that 12 month inflation had reached its highest point since May 1998. The monthly inflation fell to 0.96%, from 1.48% March. This was the lowest monthly number in 26 years.

Peru’s central banks have been increasing Peru’s benchmark interest rates to fight inflation. They increased the rate by 50 basis point in April to 4.5%. This is the highest level since 2009.

Over the weekend, Peru’s government revised some projections to 2022. This reduced its growth forecast from 4.8% to 3.6%. Although Peru is currently the second largest producer in the world, mining companies are facing a wave of protests from their communities.