April 1 (Reuters) - Peru's annualized inflation slowed to 3.05% in March compared to 3.29% in the previous month, the government said on Monday, with seasonal price hikes in the education sector marking the steepest rise.

Last month's rate is slightly above the central bank's 1%-3% target range.

On a monthly basis, Peru's benchmark price index rose 1.01% in March compared to 0.56% in February and 0.02% in January, the country's INEI statistics office said in a statement, bringing inflation for the first three months of 2024 to 1.59%.

INEI said inflation in March had risen largely due to higher prices in the education sector, which were up 4.20%, as well as the food and beverages sector, which saw prices increase by 1.70%.

Peru's central bank held its benchmark interest rate at 6.25% in its last monetary policy decision, pausing after six consecutive rate cuts, as rising inflation in February threatened progress towards the central bank's target range. (Reporting by Jyoti Narayan in Bengaluru and Marco Aquino in Lima; Writing by Sarah Morland; Editing by Kim Coghill and Paul Simao)