Inflation in Paraguay: Food Products and Meat Prices Drive October Increase

In the tenth month of the year, inflation again reported increases of around 0.5% due to increases in the prices of food goods, other goods and some services. Although the interannual result remains at 3.5%, they point out that meat would be the main responsible for the increase in the indicator.

The Central Bank of Paraguay (BCP) published its Consumer Price Index (CPI) report this Friday morning where it reported that inflation, corresponding to the month of October, again reported an increase of 0.5%, similar to September of this year, but higher than 0.4% in the same period of the previous year.

With this result, the country accumulates a price increase of 3.0% and maintains its interannual rate of 3.5% from the previous month after having cut its downward pace in previous periods. For its part, core inflation was 0.5%, higher than the 0.2% of the previous month, while core inflation registered a rate of 0.4%.

Gustavo Cohener, director of the Price Index Department, pointed out at a press conference that the increase in inflation this month was explained by price increases observed in goods, which increased 0.6%, and services, with 0. 3 %. Within the goods, food goods stand out, which increased 1.1% explained by products related to beef.

“The increase in beef would be responding mainly to the low levels of slaughter that had been observed mainly last September and this continued to affect prices in October. In addition to this, the increase in demand in the Chilean market is also mentioned, which, given the greater output of the product, of course has an impact on domestic supply,” he added.

Regarding beef substitutes, influenced by greater consumption due to the increase in prices recorded, they indicated that pork and offal recorded a higher price. In the case of pork, he indicated that it was also affected by the greater demand for imports in a context of higher international prices.

Regarding cereals and their derivatives, he mentioned that they continued to increase and are due to the climatic conditions where the lack of rain affected the productive areas of the country, added to a scenario of higher international prices. On the other hand, lower prices were recorded for dairy products and eggs due to this year’s good production.

Gustavo Cohener added that among other goods are fuels that experienced marginal increases, while cars and vehicles, appliances, electronics and equipment registered greater upward pressures due to the influence of a high exchange rate. On the services side, which increased 0.3%, they are explained by price increases for car repairs, tourist packages, personal care and vehicle maintenance, in addition to those related to increases in bars and restaurants.

2023-11-04 03:06:43
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