Consumer Price of Lima Metropolitan area increased 0.56% in February of 2024

The National Institute of Statistics and Informatics (INEI) informed that during the month of February of the current year, the Consumer Price Index in Lima Metropolitan area increased 0.56% and during the two first months of the year in 0.58%. Meanwhile, the annual variation (March 2023-February 2024) reached 3.29%.

In the technical report Change of the Price Indicators of the Economy, is explained that the monthly result was influenced by the increase of prices of the divisions Foods and Non-Alcoholic Beverages (0.92%), Alcoholic Beverages, Tobacco and Narcotics (1.84%), Clothing Items and Footwear (0.14%), Accommodation, Water, Electricity, Gas and Other Fuels (1.10%), Furniture, Household Items and Routine Household Maintenance (0.16%), Health (0.28%), Transportation (0,48%), Communications (0.01%), Recreation and Culture (0.43%), Education (0.29%), Restaurants and Hotels (0.33%) and Goods and Different Services (0.30%).

The increase of prices registered in Foods and Non-Alcoholic Beverages is based in the increase of prices in fishes and seafood (5.7%) due to the increase in the price of horse mackerel (25.9%), hake (23.7%), mackerel (10.2%), trout (3.5%) and Bonito fish (2.8%); meat (3.2%) such as whole gutted chicken (7.1%), chicken cuts: wings (4.5%), breast (3.9%) and leg (3.1%), chicken innards (4.1%), ground meat – beef (0.6%) and meat for stew (0.5%); likewise, other food products (2.2%) such as ginger (37.0%), coriander (24.3%), basil (7.8%) and concentrated seasonings (2.6%). Also, increased the prices of milk, cheese and eggs (2.1%), such as chicken eggs (7.4%); mineral waters, soft drinks, fruit and legumes juices (0.6%) such as soda beverages (0.8%) and still mineral water (0.5%); bread and cereals (0.4%) such as purple corn (8.1%), cookies: salted (1.7%), filled (1.1%), sweet (1.0%); bathed (0.9%) and, rice in bulk (0.8%); and sugar, marmalade, honey, chocolate and sugar sweets (0.3%) such as personal ice-cream and (1.6%) and ice (0.6%).

On the other hand the prices of vegetables, legumes, including the potato and other tubers decreased (-2.8%) tubers such as corn (-21.9%), potato: Huayro (-15.0%), yellow (-10.2%), colored (-9.2%), white(-8,0%); Peruvian yellow pepper (-12.9%), pickle (-7.5%), carrot (-7.2%), ullucus (-6.5%), Macre squash (-4.9%), fava bean (-4.1%) and green onions (-3.6%); also, oils and fats (-1.5%) such as packaged vegetable oil (-2.7%); instant coffee (-0.8%) and products containing chocolate (-0.7%); and fruits (-0.4%) such as sweet granadilla (-16.6%), passion fruit (-14.4%), blueberries (-6.2%), Silk bananas (-5.8%), papaya (-4.2%), Island banana (-4.0%), lemon (-2.5%) and strong avocado (-1.9%).

In Transportation increased the prices of liquefied petrol gas for vehicle (5.5%); toll for vehicles (3.6%); purchase of vehicles (1.4%) such as new automobiles (1.4%); transportation of passengers by air (0.9%) such as air tickets: domestic (2.3%) and international (0.4%); transportation of passengers by road (0.4%) such as fare in moto taxi (0.9%), inter-province omnibus (0.8%), omnibus and microbus (0.7%); and natural gas for vehicle (0.2%). Meanwhile, the prices of fuels for vehicles (-0.6%) such as Diesel petroleum (-2.1%) and gasohol (-0.9%).

The increase of prices in the division Education is explained by the increase of the pre-school education and elementary education level (0.6%) such as the expense in the process of enrolment non-state education level such as: kindergarten (5.4%), elementary level (5.1%), payment for other concepts in education: elementary (1.8%) and kindergarten (1.3%); high-school education (0.5%) such as the expense in the enrolment for non-state education (5.6%), payments for other concepts in high-school education level (0.5%); and tertiary education (0.1%) such as the expense in the enrolment process in non-state university for under-graduates (2.1%).

In the division Accommodation, Water, Electricity, Gas and Other Fuels outstood in the price of property tax (arbitrios) (8.8%), consumption of residential potable water (7.5%) due to the new tariff framework since February 1st of 2024; and domestic gas (2.0%). Meanwhile, the prices of the residential natural gas consumption decreased (-2.2%) due to the new tariff framework in force from February 1st and 7th of the current year; and the consumption of residential electricity (-1.2%) due to the new tariff since February 4th.

In Restaurants and Hotels it was observed an increase of prices in the service beverages in restaurants and similar premises (0.4%) such as natural drinks (0,9%), blended fruit juice (0.6%) and beer tapped (0.3%); and the service of food in restaurants and similar premises (0.3%) such as anticucho (1.1%), regional soups (0.7%), grilled chicken (0.6%), grilled meat (0.6%), breaded chicken (0.6%), menu in restaurants (0.3%), sandwiches (0.3%), marine dishes (0.3%) and ceviche (0.2%).

During the month of February of 2024, from the 586 products that are part of the family basket, 344 increased their price, 127 decreased and 115 products did not register any change. Those that registered the highest increase were: horse mackerel (25.87%), coriander (24.31%), hake (23.71%), strawberry (22.30%), lettuce (16.11%), celery (12.90%), whole garlic (11.64%) and mackerel (10.23%). Meanwhile downward prices were reported in the following products corn (-21.88%), sweet granadilla (-16.65%), Huayro potato (-15.00%), passion fruit (-14.43%), Peruvian yellow pepper (-12.87%), yellow potato (-10.23%), colored potato (-9.16%) and white potato (-7.97%).

The variation of the Consumer Price Index of the month of the current year, was influenced, mainly by the greater prices in foods such as whole gutted chicken, chicken eggs, strawberry and horse mackerel, as well as the increase in the fares of potable water service, that together contributed with 0.366 percentage points to the variation of the month; attenuated by the lower prices in corn, white and white potato, sweet granadilla and the reduction of electric fares.

The variation of the Consumer Price Index in Lima Metropolitan Lima, without considering foods and energy (underlying inflation) during the second month of the year reported a growth of 0.51%.

During February of 2024, the Consumer Price Index at National Level increased in 0.41%, with an accumulated variation at the second month of the year of 0.42% and in the last twelve months (March 2023-February 2024) reached 2.93%. This result was based in the highest prices observed in the divisions Alcoholic Beverages and Tobacco (1.35%), Accommodation, Water, Electricity and Gas (0.78%), Foods and Non-Alcoholic Beverages (0.48%), Recreation and Culture (0.41%), Transportation (0.40%), Restaurants and Hotels (0.35%), Education (0.35%), Goods and Different Services (0.34%), Health (0.29%), Clothing Items and Footwear (0.17%), Furniture, Household Items (0.14%) and Communications (0.01%).

During the month under analysis, seventeen cities where the Consumer Price Index is calculated showed increase in prices. The highest variations were observed in the Cities of Cajamarca (0.76%) and Tumbes (0.64%). On the other hand, nine cities registered a negative behavior, outstanding the following cities, Huancavelica (-0.89%), Cerro de Pasco (-0.42%), Huaraz (-0.27%) and Chimbote (-0.20%).

During the month of February of 2024, the Wholesale Price Index increased 0.33%, due to the increase observed in the imported manufacturing goods (construction rods, electric motors, wire rod, cyanide, soy cakes, vehicles for transportation, lube oils, generators, steel sheets, generators nitrogen fertilizers, fertilizers, carbon black, bulldozers and mobile phone); and agricultural (apples, hard yellow corn, lentil, non-carded cotton and wheat). Likewise, the national goods with the increase of prices were, the manufactured products (construction rods, cables: general use and energy, meat: chicken and general use and energy, meat: chicken and pork, cotton yarn, polypropylene films, plastic sacs, metal containers, cement, fruit nectars and white beer); livestock (live chicken and eggs); (hake, Parrot fish, dogfish, horse mackerel and, cabrilla fish and Cojinova fish); nevertheless, it decreased the prices of national agricultural goods (sweet granadilla, avocado, corn, carrot, lemon, tomato, banana, amylaceous corn and paddy rice).

During the month under analysis, the Machinery and Equipment Price Index increased by 2.22%, due to the increase of prices in the capital goods of imported origin, registering the greatest rate in machinery and equipment for transportation: automotive vehicles for transportation of people, road tractor for semitrailer and spares (o-rings and oil filters); followed by machinery and equipment for industry: printers, industrial sewing machines, wheel loaders, bulldozers and computers; machinery and equipment for agriculture: tractors and shovels; and other machinery and equipment (different electricity meters and electronic-medical devices). Likewise, the prices of capital goods of national origin increased, registering the most significant change in machinery and equipment for industry (ovens for bakery, metallic tanks, electrical transformers, electric boards and shelves); machinery and equipment for transportation: car bodies, springs for vehicles and fuels filters and other machinery and equipment (fishing nets and beds and stretchers for medical treatment).

During February of 2024, Price Index of Construction Materials in Lima Metropolitan area increased 0.49% outstanding the metallics (construction rods, wire rod, steel sheets: LAC and LAF, iron hot rolled tube, black wire and zinc plated); and glasses (tempered glass); in lower proportion increased the prices of binders (Portland type I and V cement); and electric supplies (energy cables, wires and cables for fixed installations and telephone cables). Meanwhile, concrete structures did not register variation.

On the other hand, the brick prices (king kong, for roof, pandereta wood and pastry brick); woods (capirona wood, chipboards and plywood); aggregates (mainly the cement); tiles and mosaics (all and floor coverings); tubes and plastic accessories: PVC tubes (water, sewage) and PVC accessories for water and sewage.