Peru Inflation March 2016


Peru: Inflation slows in March

April 1, 2016

Consumer prices for Metropolitan Lima increased 0.60% in March over the previous month, which was above the 0.17% rise registered in February and slightly below the 0.66% increase expected by market analysts. Prices for education, which consists of tuition fees for primary school up to university, increased by 3.29%, driven by the start of the academic year in March. Meanwhile, prices for transport and communication fell.

Inflation eased from 4.5% in February to 4.3% in March and remained above the upper limit of the Central Bank’s target of 2.0% plus/minus 1.0 percentage points for the eleventh consecutive month.

The core consumer price index, which excludes volatile items such as fresh food and fuels, rose 0.7% month-on-month in March (February: +0.6% month-on-month). Finally, core inflation fell from February’s 4.4% to 3.6% in March.

The Central Bank indicated that it expects inflation to be between 3.0% and 3.5% in 2016 and between 2.0% and 2.2% in 2017. Panelists participating in the LatinFocus Consensus Forecast expect inflation to end 2016 at 3.4%, which is unchanged from last month’s projection. For 2017, the panel expects inflation of 2.9%.

Author: Marlène Rump, Senior Data Analyst

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