Consumer prices of Lima Metropolitan area increased 0.28% In August of 2024

The National Institute of Statistics and Informatics (INEI) informed that during the month of August of 2024, the Consumer Price Index of Lima Metropolitan area increased 0.28%, with an accumulated variation to the eighth month of the year of 2.10%; and that of the last twelve months (September 2023 – August 2024) reached 2.03%.

In the technical report, Variation of the Price Indicators of the Economy is stated that the monthly result was influenced, mainly, by the increase registered in the consumption divisions of Foods and Non-Alcoholic Beverages (0.93%), as well as in Restaurants and Hotels (0.22%) and Accommodation, Water, Electricity, Gas and Other Fuels (0.17%). In addition, there also registered an increase of prices the divisions of Recreation and Culture (0.20%), Goods and Different Services (0.11%), Furniture, Articles for the Household and Routine Household Maintenance (0,07%), Clothing Items and Footwear (0.06%) and Health (0.04%).

On the other hand, the divisions of consumption that registered a decrease in prices were the Alcoholic Beverages, Tobacco and Narcotics (-0.20%), Communications (-0.12%) and Transportation (-0.07%). Meanwhile, the division of Education did not registered variation.

The increase of prices that registered the division of Foods and Non-Alcoholic Beverages was due to the increase of prices of other food products (4.0%) such as the grounded garlic (37.7%); and vegetables, including the potato and other tubers (3.2%) such as the whole garlic (56.8%), green fava bean (21.1%), yellow sweet potato (19.9%), potato: white (19.4%), color (18.4%), yellow (9.2%), Huayro (5.3%), pickle (8.1%) and yuca (4,1%). In addition, fish and seafood driven the increase the fish and seafood (2.7%) such as the hake (9,1%), Bonito (8,6%), Parrot (3.9%) and Liza (2.0%); meat (2.3%) such as eviscerated chicken (4.9%), chicken cuts: wings (4.5%), breast (3.6%) and leg (3.2%); eviscerated hen (2.2%), breaded chicken (1.8%) and chicken innards (1.6%).

In addition, it increases the prices of the coffee, tea and cacao (1.4%) such as the cocoa powder (15.8%); oils and fats (0.5%), such as the olive oil (7.5%); sugar, marmalade, honey, chocolate and sweet candies (0.4%), such as chocolate in paste (3,6%) and tablet (2.0%); and brown sugar (0.2%). In the group of bread and cereals (0.3%) it was observed an increase of prices in cookies: salty (1.1%), sweet (0.9%) and bathed (0.7%); rice in bulk (0.7%) and bread (0.3%); and in mineral water, sodas, fruit juices and legumes (0.3%) sit increased the price of table water without gas (0.6%).

Meanwhile, the prices of some fruits, decreased (-3.3%), such as the blueberries (25.7%), strawberry (-15.0%), mango (-12.1%), cucumber (-6.0%), mandarin (-4.9%), Inguiri green banana (-4.1%), orange for juice (-3.8%) and lemon (-2.6%).

In Restaurants and Hotels, it increases the prices of services of food in restaurants and similar facilities (0.2%), such as the breakfast in restaurants (0,7%), pork cracklings (0.7%), Chifa plates (0.7%), meat in grill (0.4%), chicken grill (0.2%), menu in restaurants (0.2%) and ceviche (0,2%). It also increases the Price of beverage service in restaurants and similar facilities (0.2%), such as hot beverages and juices of blended fruits (0.4%).

The increase of prices that was registered in the division Accommodation, Water, Electricity, Gas and Other Fuels was due to the increase of prices in the consumption of residential electricity (0.6%), explained by the new fare since August 4th of 2024. Likewise, the price of domestic propane gas increased (0,1%).

The decrease of prices of the Transportation division is based in the lower prices observed in the domestic air fare (-5.1%) and fare in interprovince omnibus (-4.6%). On the other hand, the prices of the international air fare (0.6%) and fuels for vehicles (0.3%) such us Diesel oil (0.9%), liquefied petroleum gas (0.6%), gasohol (0.2%) and vehicular natural gas natural vehicular (0.1%) increased.

During the month of August of 2024, from the 586 products that compose the family basket, 272 increased their prices, 140 decreased and 174 kept their prices. The products that registered the highest increase were: whole garlic (56.83%), ground garlic (37.69%), green fava bean (21.05%), yellow sweet potato (19.88%), white potato (19.42%), color potato (18.39%), cocoa in powder (15.78%) and yellow potato (9.21%). Meanwhile, the products with the highest decrease in prices were: blueberries (-25.74%), corn (-22.89%), strawberry (-14.96%), leek (-14.48%), celery (-12.99%), cauliflower (-12.26%), mango (-12.14%) and red onion (-8.19%).

The variation of consumer prices in August of 2024 was influenced by the increase of prices of some foods such as the white and yellow potato, eviscerated chicken, whole and grounded garlic that together contributed with 0.298 percentage points to the result of the month; dimmed by the decrease of prices in corn, red onion and some station fruits, such as the strawberry, mango and blueberries.

During the month of August of 2024, the variation of the Consumer Price Index in Lima Metropolitan area, without considering foods and energy (underlying inflation) registered a slight increase of 0.01%.

During the eighth month of 2024, the Consumer Price Index at National Level grew 0.31%, with an accumulated variation of 1.85% and annualized variation (September 2023 – August 2024) of 1.68%. This result was influenced, mainly, by the greater prices registered in the consumption divisions of: Foods and Non-Alcoholic Beverages (0.96%), Accommodation, Water, Electricity and Gas (0.25%), Restaurants and Hotels (0.20%), Recreation and Culture (0.14%), Goods and Different Services (0.12%), Clothing Items and Footwear (0.09%), Health (0.08%), Furniture, Articles for the Household (0.08%) and Education (0.02%).

Meanwhile, the price of divisions of Transportation (-0.07%), Alcoholic Beverages and Tobacco (-0.07%) and Communications (-0.12%).

During the month of August of 2024, from the 26 cities where the Consumer Price Index is calculated 23 registered increases of prices. The highest variations were observed in the cities of Iquitos (0.99%), Cajamarca (0.94%), Ica (0.93%) and Puerto Maldonado (0.78%). On the other hand, there were reported negative variations in the cities of Chachapoyas (-0.02%), Chiclayo (-0.09%) and Huancavelica (-0.20%).

During the month of August of 2024, the Wholesale Price Index decreased 0.30% due to the lower prices that registered the national products of manufacturing (industrial oil, Diesel oil, gasohol, soy refined oil, brown sugar, industrial wheat flour, evaporated milk, pneumatic for trucks, king kong brick, detergents, cotton yarn fibers and metal containers); and fishing (mackerel, cachema and horse mackerel). Meanwhile, the prices of agriculture goods (garlic, green fava bean, potato, sweet potato, avocado, corn, and paddy rice); and livestock (beef cattle, chicken, live hen) increased.

In addition, it decreased the prices of imported goods: manufacturing (Diesel oil, pneumatics for truck, nitrogen fertilizers, carbon black, Steel sheets, soy crude oil, PVC resins, soy cakes, front loader and transportation vehicles); and agriculture (non-carded cotton, hard yellow corn and wheat).

During the month under analysis, the Price Index of Machinery and Equipment decreased 0.33% influenced by the type of change, that influenced in the prices of the imported goods, showing a reduction in other machinery and equipment (different electricity accountants and electromedical devices); machinery for industry (desktop computer, wheel loaders and industrial sewing machine, machinery for agriculture (tractors and shovels); attenuated by the increase of prices of the machinery and equipment for the transportation (road tractor for semi-trailer, vehicles for transportation of goods and motors for vessels).

Likewise, the prices of national goods, such as machinery and equipment for transportation (car bodies, springs for automotive vehicle and moto-taxi); machinery for the industry (freezing equipment, cylinders, electric panels and transformers); and other machinery and equipment (fishing nets) decreased.

During August of 2024, the Price Index of Construction Materials of Lima Metropolitan area reduced in 0.05%, determined by the negative behavior of seven of the ten groups that are part of the indicator; tiles and Mosaics (floor and roof coverings); bricks (pandereta brick, king kong brick and bricks for roof); electrical supplies (energy cables and telephone cables); glasses (basically templated glasses); plastic tubes and accessories (water tanks, PVC tubes: for water and sewerage, PVC accessories for electricity); concrete structures (corrugated sheets of fiber); and in lower measure the agglomerants (Portland cement type V).

On the other hand, it registered an increase of prices the aggregates (capirona and tornillo); and the group of metallic (black wire, construction rods and wire rod).