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Costa Rica Inflation February 2023

Costa Rica: Inflation drops to one-year low in February

Inflation fell to 5.6% in February, following January’s 7.7%. February’s reading marked the weakest inflation rate since February 2022. The reading was largely due to slower growth in prices for food and non-alcoholic beverages. In addition, price pressures for transportation softened.

The trend pointed up slightly, with annual average inflation coming in at 8.7% in February (January: 8.6%).

Lastly, consumer prices fell 0.85% in February over the previous month, swinging from the 0.16% increase logged in January. February’s result marked the weakest reading since September 2022.

FocusEconomics panelists project inflation to end 2023 at 4.4%, which is down 0.2 percentage points from last month’s forecast, and 2024 at 3.5%.

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