© Reuters. File photo: August 31, 2018, a man sells groceries at a stall in the Surco market in Lima, Peru. REUTERS/Mariana Bazo
Lima (Reuters)-The Peruvian government said on Saturday that as of 2021, Peru’s inflation rate was 6.43%, the highest level in 13 years and well above the upper limit of the central bank’s target.
This South American country is one of the world’s largest mineral producing countries, and last year’s annual inflation target was 1% to 3%.
According to data from the National Institute of Statistics and Information (INEI), consumer prices in the Lima metropolitan area, which is considered the national benchmark in 2021, will be driven by rising food, fuel, transportation and energy prices.
Peruvian Central Bank Governor Julio Velarde said in December that the increase in inflation was due to rising prices of imported goods and the depreciation of the local currency against the US dollar.
By 2022, the central bank expects Peru’s inflation rate to slow to 2.9%. It also forecasts an inflation rate of 2.1% in 2023.
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