Costa Rica Inflation

Costa Rica

Costa Rica: February inflation jumps above target

March 4, 2013

In February, consumer prices rose 1.02% over the previous month, which came in below the 1.31% increase recorded in January and mostly reflects an increase in prices for education and transport as well as food and non-alcoholic beverages.

As a result, annual inflation jumped from 5.7% in January to 6.5% in February, the highest level since July 2009 and above the Central Bank's target of 5.0% with a tolerance margin of plus/minus 1.0 percentage points.

Meanwhile, the core inflation index, which strips out short-term fluctuations in the consumer price index, added 0.22% in February, which was below the 0.63% increase observed in January. Annual core inflation, however, fell from 3.3% in January to 3.0% in February.

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. Consensus Forecast 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 February 2013

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

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