Vehicle prices increased 1.03% in June of this year, reported the AAP

The Consumer Price Index (CPI) in Metropolitan Lima reported a significant increase in June of this year at a monthly rate, according to INEI figures. In that sense the Automotive Association of Peru (AAP) indicated that vehicle prices increased by 1.03% in the month of analysis compared to last May.

The result of the CPI for Metropolitan Lima was mainly influenced by the variation in prices observed in the following consumption divisions: transportation with 3.24%, food and non-alcoholic beverages with 1.88%, restaurants and hotels with 1.02%, followed by lodging, water, electricity, gas and other fuels with 0.75% and miscellaneous goods and services with 0.68%, which contributed 1.13 percentage points to the variation of the general index (1.19%), explaining 95% of the result for the month.

Regarding the performance of the transport group, the AAP maintained that it advanced 3.24% compared to May 2022. This behavior was influenced by higher prices in fuels for vehicles, such as gasohol at 11.0%, diesel oil at 5.6%, vehicular LPG at 3.0% and to a lesser extent vehicular natural gas with 0.7%. Likewise, passenger transport by road, highlighting public transport such as: bus and minibus passage at 6.3% (balance of the increase in the rates of complementary corridors and other transport companies); as well as bus fare at 4.0% and taxi at 1.6% due to an increase in fuel and spare parts.

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In this sense, they showed a rise in prices for passenger transport by air, such as international and national airfare with 3.5% and 1.6%; respectively, and spare parts and accessories for personal transportation equipment, (basically vehicle batteries) at 1.0%.

“Similarly, the prices for the acquisition of vehicles registered an increase of 0.13% at the monthly rate in June, which led to a six-monthly variation of 1.01% and an annual variation of 2.82%”, the AAP stated.

On the other hand, when analyzing the performance of the price index of the main cities of the country in June 2022, the automotive union warned that the places where prices have increased the most have been Huaraz with an annual inflation of 13.63%, followed by Chachapoyas with 12.44% and Cerro de Pasco with 12.22%. Then there are Puerto Maldonado with 11.82% and Chiclayo with 11.19%. Meanwhile, the cities with the lowest inflation were Metropolitan Lima with 8.81%, Moyobamba with 8.70% and Cajamarca with 7.90%.

For the AAP, expectations point to inflationary pressures continuing over the next few months, driven by the armed conflict between Russia and Ukraine, which has lasted much longer than expected and added to the economic sanctions imposed by the Western countries to Russia, has been increasing the prices of raw materials such as oil, gas and grains.

Added to the international situation, for the automotive entity, are the transport stoppages scheduled by the sector’s unions and the government’s limited capacity to manage them efficiently.

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