(Bloomberg) -- Inflation in Peru’s capital stayed within the central bank’s target band in November for the eighth straight month, according to data published Sunday.

Annual inflation in Lima increased to 2.27%, according to the national statistics agency INEI. On a monthly basis, prices rose 0.09% from October.

Peruvian Central Bank President Julio Velarde has been celebrating that inflation remains “very controlled,” as it predicts that price increases for the foreseeable future will continue to hover within the target range of 1% to 3% annually. The country has the lowest inflation among Latin America’s major economies.

Peru’s benchmark interest rate is also lowest among its peers, at 5%. The central bank will next revise borrowing costs on Dec. 12. In a presentation to business executives last week, Velarde said that increased public spending was limiting the pace of interest rate cuts by the central bank.