Panama Inflation August 2016


Consumer prices flat in July

In August, consumer prices were flat, down from July’s 0.10% print. According to the National Comptroller’s Office (Contraloría General de la República), August’s print largely reflected lower prices for transport cancelling out small price increases for food and for recreation and culture.

Inflation increased to 0.5% in August, up from the 0.1% print observed in July. Inflation has hovered at historically low levels owing to still low oil prices and a strong USD. Due to the country’s dollarized economy, the authorities lack the freedom to use monetary policy or exchange rate adjustments to influence inflation. Meanwhile, annual average inflation in August rested at the 0.3% mark for the sixth consecutive month.

Panelists participating in the FocusEconomics Consensus Forecast expect inflation to reach 1.2% by the end of 2016, which is down 0.2 percentage points from last month’s forecast. For 2017, the panel sees inflation at 2.0%.

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Panama Inflation Chart

Panama Inflation August 2016 0

Note: Annual variation of consumer price index in %.
Source: National Comptroller’s Office and FocusEconomics calculations

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