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In August, the consumer prices in Peru recorded their sharpest drop in over a year.

According to the latest data released by the national statistics agency INEI, Peruvian consumer prices fell 0.29% for August in Lima's metropolitan area.

In August, the consumer prices of the third largest copper supplier in the world fell the most since September last. This is a sharp decline compared to the 0.23% rise in July.

The INEI released a statement that said the largest decrease in food and non-alcoholic drinks was in Peru, where the price of fish fell by 1.05%. Housing, water, electric, gas and other fuels also decreased 0.94%, due to a reduction in residential electricity prices.

The Lima metro area's inflation rate for the year ended August was 1.11%, which is the key benchmark in Peru. This figure is moving closer to the lower end of the target range set by the central bank of 1%-3%.

Although the annual inflation rate was at its lowest since August 2018, the central bank expects it to increase as it forecasts the rate.

Stand at around 1.8%

By the end of 2025, we expect to reach this goal. Reporting by Marco Aquino and Aida Pelaez Fernandez; Editing by Alex Richardson, Natalia Siniawski

(source: Reuters)