Consumer prices of Lima Metropolitan area decreased 0.09% in October of 2024

The National Institute of Statistics and Informatics (INEI) informed that during the month of October of 2024, the Consumer Price Index of Lima Metropolitan area decreased 0.09%, with an accumulated variation to the tenth month of the year of 1.76%, meanwhile that the accumulated variation of the last twelve months (November 2023 -October 2024) reached 2.01%.

In the technical report, Variation of the Price Indicators of the Economy explains that the monthly result was mainly due to the low prices registered in the consumption divisions of: Foods and Non-Alcoholic Beverages (-0.64%) and Communications (-0.06%). Meanwhile, it was observed an increase of prices in Accommodation, Water, Electricity, Gas and Other Fuels (0.11%), Alcoholics Beverages, Tobacco and Narcotics (0.11%), Restaurants and Hotels (0.17%), Goods and Different Services (0.18%), Recreation and Culture (0.17%), Furniture, Articles for the Household and Routine Household Maintenance (0.04%), Health (0.02%), Clothing Items and Footwear (0.02%), Transportation (0.01%) and Education (0.01%).

The negative variation in Foods and Non-Alcoholic Beverages answers to the decrease of prices that registered other food products (-4.7%) such as, ground garlic (-29.1%), ground yellow pepper (-5.8%), ground Panka pepper (-2.9%), hydrated dressings (-2.8%) and coriander (-1.2%). Likewise, it reduced their prices the vegetables, legumes including potato and other tubers (-3.6%), whole garlic (-27.2%), green fava beans (-14.3%), corn (-12.1%), yellow potato (-10.0%), color potato (-9.1%), yellow sweet potatoes (-8.4%), pickle (-8.3%), onion (-5.2%), green peas (-3.7%), carrot (-3.7%) and chopped vegetables (-3.1%).

Likewise, it a was observed a decrease in prices in milk, cheese and eggs (-2.8%), outstanding chicken eggs (-8.8%); oils and fats (-0.4%) such as packaged vegetable oil (-0.5%); meat (-0.2%) such as eviscerated hen (-1.6%), chicken innards (-1,0%), breaded chicken (-0.8%), eviscerated chicken (-0.5%), chicken cuts: breast (-0.5%) and leg (-0.1%).

On the other hand, it increased the prices of fishes and seafoods (7.3%), such as horse mackerel (22.5%), mackerel (20.7%), hake (13.0%), Bonito fish (10.5%) and Parrot fish (5.9%); fruits (1.7%), such as passion fruit (32.8%), lemon (17.7%), mandarin (8.9%), white grape (8.7%), strong avocado (6.3%), orange table (5.8%), papaya (2.5%) and orange juice (2.2%). Likewise, there were registered an increase of prices in mineral waters, soft drinks, fruit and vegetable fruits (0.3%) such as, still mineral water (1.6%) and carbonated beverages (0.2%).

In Accommodation, Water, Electricity, Gas and Other Fuels increased the prices of domestic propane gas (1.6%) and consumption of residential natural gas (1.3%), due to the new tariff sheet in force since October 1st of 2024.

In the division Restaurants and Hotels increased the prices of service of food in restaurants and similar facilities (0.2%) such as tamales (0.8%), pizzas (0.5%), Chaufa rice (0.3%), chicken fillet (0.3%), chicken stock (0.2%), grilled meats (0.2%) and grilled chicken (0.2%). The same behavior evidenced the service of beverages in restaurants and same facilities (0.2%), such as and natural juices (0.4%), blended fruit juice (0.3%) and hot beverages (0.2%).

The increase of prices in Goods and Different Services was influenced by the greater prices in hairdressing salons and establishments of personal care (0.4%), such as haircut for men (0.6%) and women (0.5%); hair dyes (0.4%) and aesthetic care of hands and feet (0.4%). In addition, it increases the prices of other devices, articles and products for personal attention (0.2%) such as cologne for women (0.6%), face creams (0.6%), sunscreen (0.5%) and shampoo (0.2%).

During the month of October of 2024, from the 586 products that are part of the family basket, 251 increased their price, 134 decreased and 201 kept their prices. The products that reported the greater decrease of prices were: grounded garlic (-29.12%), whole garlic (-27.20%), green fava bean (-14.31%), mango (-12.39%), corn (-12.11%), blueberries (-11.94%), Choros (mussels) (-11.09%) and yellow potato (-9.97%).

On the other hand, the products that registered the greater increase of prices were passion fruit (32.76%), horse mackerel (22.45%), mackerel (20.67%), lemon (17.69%), hake (12.95%), tomato (11.02%), Bonito fish (10.46%) and domestic airline ticket (9.52%).

The variation of consumer prices during the month of October was influence, mainly, by the low prices in some foods such as chicken eggs, whole and grounded garlic, yellow potato and gasohol fuel, that together contributed with -0.218 percentage points to the result of the month. These drops were partially attenuated by the increase of prices in horse mackerel, lemon, Bonito fish, passion fruit and mandarin.

During the month of October of 2024, the variation of the of the Consumer Price Index in Lima Metropolitan area, without considering foods and energy (underlying inflation) registered a slight variation of 0.08%.

During the tenth month of the year, the Consumer Price Index at National Level reduced in 0.04%, accumulated between January and October a variation of 1.68% and annualized (November 2023 – October 2024) reached 1.73%.

The result of the variation of prices at national level answers to a decrease in prices registered in the divisions of Foods and Non-Alcoholic Beverages (-0.36%), Communications (-0.07%) and Transportation (-0.06%). On the other hand, it increased the divisions of Restaurants and Hotels (0.20%), Accommodation, Water, Electricity and Gas (0.18%), Goods and Different Services (0.15%), Recreation and Culture (0.11%), Alcoholic Beverages and Tobacco (0.07%), Health (0.04%), Clothing Items and Footwear (0.02%), Education (0.02%) and Furniture, Articles for Household and Routine Household Maintenance (0.01%).

During the month of October of 2024, of the 26 cities where the Consumer Price Index is calculated 17 registered increases of prices.

The highest variations were registered in Chiclayo (0.42%), Huancavelica (0.31%), Moquegua (0.26%) and Trujillo (0.19%). Meanwhile, it was observed a reduction of prices in the cities of Huánuco (-0.22%), Ica (-0.21%) and Pucallpa (-0.20%).

During the month of October of 2024, the Wholesale Price Index decreased 0.18% due to the lower prices that registered in the national products of Manufacturing sector (Diesel and Industrial oil, gasohol, pork and chicken meat, refined soy oil, brown and white sugar, domestic wheat flour, noodles of long pasta, steel profiles, brick for roof, rods for construction and fibbers of cotton); nevertheless, the agricultural products increased (lemon, tomato, avocado, orange, hard yellow corn, paddy rice and potato), livestock products (live chicken and beef cattle); and fishing products(Bonito fish, mackerel, horse mackerel, hake and Parrot fish).

On the other hand, the prices of imported manufactured products (polyester fibre, Diesel oil, soy cake, resins of polypropylene, nitrogen fertilizers, steel sheets, vehicles for transportation and carbon black); and agricultural products (cotton, not carded, wheat and hard yellow corn) decreased.

During the month under analysis, the Price Index of Machinery and Equipment decreased 0.29%, as a consequence of the lower prices of capital goods imported such as other machinery and equipment (different electricity meters and electromedical equipment); agriculture (tractors and pickaxes); industry (dumper truck, forklift truck and telephone exchanges); and transportation (vehicles for the transportation of goods, pick-up trucks, rings and oil filters).

Likewise, it was observed a decrease of prices in national goods, machinery and equipment for the industry (metal tanks, transformers, electric boards and liquid pumps) and transportation (car bodies and springs for automotive vehicle). Meanwhile, the machinery and national equipment for agriculture did not show variation.

During October of 2024, the Price Index of Construction Materials of Lima Metropolitan area decreased in 0.03%, explained by the lower prices of five of ten groups that are part of the indicator: tiles and mosaics, (floor and wall coverings); structures of concrete (ready-mix concrete and corrugated sheets composed of fibers); glasses (tempered and primary); metallics (steel sheets: LAF and LAC, tubes of steel LAC and construction rods); and binders.

On the other hand, it increases the prices of electric supplies (cables: for energy and general use, for greater cost of production); bricks (king kong, for roof and Pandereta brick); tubes and plastic accessories (PVC tubes for electricity, and PVC accessories: water and sewerage); woods (chipboards, Cachimbo wood and plywood); and aggregates.