Costa Rica Inflation

Costa Rica

Inflation falls to six-month low in June

Consumer prices were virtually unchanged over the previous month in June, matching the performance in May. The reading reflects how lower prices for food and non-alcoholic beverages as well as for clothing and footwear almost completely offset higher prices for alcoholic beverages and cigarettes.

Meanwhile, annual inflation dropped from 5.3% in May to 5.1% in June, which marks the lowest level since December 2012. Inflation now sits comfortably within the Central Bank's target of 5.0% with a tolerance margin of plus/minus 1.0 percentage points. Despite the annual decline, annual average inflation remained stable at May's 5.2%, which had marked the highest level in two years.

Meanwhile, the core inflation index, which strips out short-term fluctuations in the consumer price index, rose 0.12% from the previous month in June, following the 0.20% rise recorded in May. Annual core inflation remained steady at 2.6% in June.

According to the Macroeconomic Programme 2013-2014, the Central Bank intends to maintain an inflation target of 5.0% (with a tolerance margin of plus/minus 1.0 percentage points) this year and the next. FocusEconomics panellists see inflation ending the year at 5.0%, which is up 0.1 percentage points from last month's forecast. For next year, the panel sees year-end inflation at 4.9%.


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Costa Rica Inflation Chart

Costa Rica Inflation June 2013

Note: Annual and monthly variation of consumer price index in %.
Source: Costa Rica Central Bank (BCCR).

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