Consumer prices in Peru rise 0.58% in October, annualized inflation reaches double target range

RIO DE JANEIRO, BRAZIL – Peru’s consumer prices rose 0.58% in October, higher than the previous month, and annualized inflation advanced to almost double the Central Bank’s target range ceiling, the government’s statistics agency reported on Monday.

The National Institute of Statistics and Informatics (INEI) said that between January and October, consumer prices rose by 5.23%, bringing inflation for the twelve months to October to 5.83%.

Read also: Check out our coverage on Peru

A significant world mineral producer, the country has an official inflation target of 1% and 3%.

Peru’s currency, the sol, has weakened more than 10% this year, adding inflationary pressures on imported goods as investors remain uncertain about the economic direction of the new government of leftist President Pedro Castillo.

Peru’s central bank raised its benchmark interest rate in early October for the third consecutive month to curb inflation.

Related coverage: Argentina seeks to attract dollars with bank account for foreign tourists · Chile's Central Bank discussed historic rate hike of more than 125 basis points at October meeting · Argentina's agricultural exports achieved historic record revenues of more than US$2.4 billion in October · Chile economy recorded growth of 15.6% in September; double-digit growth for 6th consecutive month

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