Costa Rica Inflation

Costa Rica

Costa Rica: Inflation drops to over one-year low in March

April 4, 2015

Consumer prices rose 0.15% in March over the previous month, contrasting February’s 0.17% decrease. According to the Statistics Institute, the reading mainly reflects that higher prices for transport more than offset lower prices for food and non-alcoholic beverages and for leisure and culture.

Annual headline inflation fell from February’s 3.5% to 3.0% in March, the lowest reading since February 2014. As a result, inflation rests at the lower bound of the Central Bank’s tolerance margin of plus/minus 1.0 percentage point around its 4.0% target. Annual average inflation remained at February’s 4.7% in March.

The core inflation index, which strips out short-term fluctuations in the consumer price index, rose 0.10% in March over the previous month (February: +0.22% month-on-month). Annual core inflation came in at 3.2%, which was down from February’s 3.8%.

FocusEconomics panelists see inflation ending 2015 at 4.1%, which is down 0.4 percentage points from last month's forecast. In 2016, the panel sees year-end inflation at 4.3%.

Author: Teresa Kersting, Economist

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Costa Rica Inflation Chart

Costa Rica Inflation March 2014

Note: Annual and monthly variation of consumer price index in %.
Source: National Institute of Statistics and Census (INEC).

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