Annual inflation in Peru hits 24-year high in April

As the copper-producing Andean nation grapples with demonstrations over rising food and energy costs connected to a commodities price surge since Russia’s invasion of Ukraine, Peru‘s annual inflation rate touched 7.96 percent in April, the highest level in 24 years.

On Sunday, the country’s INEI statistics institute reported that 12-month inflation had reached its highest level since May 1998. In the meantime, monthly inflation fell to 0.96 percent in April from 1.48 percent in March, the highest monthly rate in 26 years.

Peru’s central bank has slowly boosted the country’s benchmark interest rate this year to battle inflation, raising it by 50 basis points to 4.5 percent in early April, the highest level since 2009.

Over the weekend, Peru’s government adjusted certain predictions for 2022, lowering its growth forecast to 3.6 percent from 4.8 percent. The country is the world’s second-largest copper producer, despite a wave of community demonstrations against mining companies.

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