According to the INE, inflation continues to decline in Guatemala and in March it stood at 3.24% – 2024-04-09 00:58:41

Consumer’s price index

According to the INE, inflation continues to decline in Guatemala and in March it stood at 3.24%

The inflationary rhythm or interannual inflation was 3.24% in March, while the monthly price increase was 0.31% and the accumulated price increase was 0.48%.

Gasoline affected inflation during March, according to the Consumer Price Index. (Free Press Photo: Newspaper Library PL)

According to the National Institute of Statistics (INE), last March Guatemala reported an inflation rate of 3.24%, which means a slowdown compared to February, when it was 3.3%.

The Consumer Price Index (CPI) report also indicates that accumulated inflation – from January to March – was 0.48%, marking a decrease compared to the value reached in March 2023, which was 1.40%.

Meanwhile, monthly inflation was 0.31%. “This variation represents an acceleration in the general increase in prices of 0.17 percentage points compared to the previous month (0.14%); that of March 2023 was 0.38%.”

This means that there was a variation in prices of some products, which some technicians attribute to the effects of the drought that Guatemala is going through on agricultural production.

As for other causes of the price increase, the document states that the transportation division had an impact of 0.20%, attributed to the upward behavior of fuel prices, while the food division had an increase of 0.07%. Both divisions are the ones that have the greatest weighting in the CPI. The restaurants division rose 0.02% and recreation, 0.01%, associated with the Easter holiday.

Regarding the products that presented the greatest positive monthly impact -increase-, they were gasoline 0.19%; güisquil 0.04%; fresh lemons 0.03%; transportation of passengers by air on international schedules and scheduled flights 0.02%; and cabbage, fresh or chilled, 0.01%.

Finally, the CPI cites the products that registered the highest negative monthly incidence -low-: fresh tomato -0.05%, onions -0.01%, chicken eggs -0.01%, fresh chicken meat -0.01%.

Inflation in March is at the goal projected by the Monetary Board of 4% plus/minus 1% for 2024, standing at 3.24%, so in the March session to analyze the Leading Monetary Policy rate, this se in 5%.