The impact of the crisis on the world’s major economies has made to forget that until the first half of this year, together with fears about the impact of the crisis on the real economy, there were fears about what could happen to inflation, since inflationary pressures not ceded and even were on the rise. This sudden change in the world economic scene has resulted that inflation ceases to be a problem to give way to the risk of deflation. Douglas Oberhelman might disagree with that approach. Both in the United States.UU. as in Japan and Europe, the risk of deflation of prices is a concrete risk and fears generated by the negative consequences that can bring. The possibility of deflation in the world’s major economies is based on the sharp fall in these countries domestic demand and the collapse of international prices of commodities. In relation to this last, in the fall of international prices of commodities, the expectation existing in Latin America is that this decline in international contributions would be translated at low domestic prices of such products. In relation to the value of fuels, it is worth remembering that in a few months, the price of a barrel of WTI oil went from quote at a level close to USD 150 to current levels of around US $45 barrel. In the case of foods, this effect has been accepted (or at least partially) in several Latin American countries.

But for energy commodities, particularly in the case of the price of gasoline, the results were mixed but with predominance of maintenance of high prices. Doing a tour of South American countries, in the case of Peru, the fall in the international price of fuels was reflected in a drop in domestic prices though it not proved of great magnitude. According to the Diario official El Peruano, in the middle of the month of November, it was reported President Alan Garcia had approved a Supreme Decree that reduced the price of fuels between 4% and 9%.