Dominican Republic Inflation

Dominican Republic

Inflation moderates notably in October

In October, consumer prices added 0.03% over the previous month. Lower prices for transport (-0.96% month-on-month) and for clothing and footwear (-0.37% mom) almost completely offset higher prices for leisure and culture (+0.52% month-on-month), as well as housing (+0.47% mom). The October print was below both the 0.21% rise in September and the 0.67% increase recorded in October 2010. Accordingly, annual headline inflation slowed from 9.6% in September to 8.9% in October. At the current level, inflation sits above the upper limit of the 5.0%-6.0% target range set by the Central Bank for 2011 for the tenth consecutive month. Despite persistently high inflation, the Central Bank still decided to keep the monetary policy rate unchanged at 6.75% at its 30 November meeting. The Bank has now refrained from raising interest rates for the sixth straight month, after two consecutive hikes in May and June.

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