Peru's consumer prices rose in March for the second consecutive month, though there was an annual slowdown, according to data from the national statistics agency INEI.
Consumer prices increased by 0.81% in March, following a 0.19% rise in February. Annual inflation fell to 1.28% in March, significantly below the Peruvian central bank's target range of 1% to 3%. This marks the lowest inflation rate for the 12 months ending in March since September 2018.
The increase in prices for March was primarily driven by education costs, which rose by 3.40%. Food and non-alcoholic beverages increased by 1.85%, while prices in restaurants and hotels went up by 0.26%. In contrast, transport prices decreased by 0.25%.
The central bank's latest estimate projects inflation in the world’s third-largest copper producer to be around 2% for 2025, after closing 2024 at 1.97%.