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Peru's July inflation rate highest in more than 4 years -government

·1 min read

LIMA, Aug 1 (Reuters) - Consumer prices in Peru rose 1.01% in July, marking the fastest rate in 52 months, the government's statistics agency said on Sunday as the country's leftist President Pedro Castillo wrestles with the challenges of starting a new administration.

The country has an official inflation target of 1% to 3% this year, a goal that Castillo may be hard-pressed to meet.

The uptick in inflation comes after a month of political uncertainty following a tight election, which has put pressure on the local currency and dented bond prices. The sol currency has weakened 12.46% against the dollar so far this year.

The swooning currency has increased the price of imported goods in the Andean country. (Reporting by Marco Aquino; Writing by Hugh Bronstein; Editing by Andrea Ricci)