LA PAZ (Reuters) – Bolivian inflation hit its highest level in nearly ten years, data from the South American country’s national statistics office INE showed on Friday, hitting a 12-month rate of 5.19%, with a monthly increase of 1.58%.
This marks the strongest inflation in close to a decade, and remains far above the central bank 3.6% target for this year.
Annualized inflation last exceeded current levels in February 2015 while the monthly price rise last surpassed this level over 13 years ago in February 2011, according to central bank data.
Cumulative eight-month inflation, meanwhile, hit 4.61%. A year earlier, August inflation stood at 0.39% with a cumulative eight-month rate of 1.55%.
INE director Humberto Arandia told a press conference that prices had gone up in staples such as rice, as well as chicken, tomatoes and other items.
The statistics agency report said the monthly price hikes had been led by leisure and cultural activities, goods and services, and furniture and domestic work. Education and transport saw prices dip.
Bolivia has been battling the largest number of wildfire outbreaks in 14 years, causing farmers to abandon their fields, as well as strikes over extended fuel shortages.
The country closed 2023 with an annual inflation rate of 2.12%.
(Reporting by Daniel Ramos; Additional reporting by Sarah Morland; Editing by Aida Pelaez-Fernandez and Rosalba O’Brien)