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Costa Rica Inflation December 2022

Costa Rica: Inflation falls to lowest level since April in December

Inflation came in at 7.9% in December, down from Novembers 8.3%. December’s reading marked the weakest inflation rate since April. The moderation was broad-based, with reduced price pressures recorded for food and non-alcoholic beverages, transportation, and housing. That said, price pressures for recreational activities increased.

Annual average inflation rose to 8.3% in December (November: 7.9%).

Lastly, consumer prices rose 0.13% from the previous month in December, slowing down from November’s 0.14% increase.

On the outlook, analysts at the EIU commented:

“[…] government measures to cap local fuel prices, a slackening in the global oil market and a forced cooling of domestic demand (owing to a steep rise in local interest rates) mean that inflation is likely to slow over 2023 […] Short-term risks to our forecast are high, as local inflation is subject to geopolitical developments in Europe and the effectiveness of the BCCR’s monetary policy tightening.”

FocusEconomics panelists project inflation to end 2023 at 4.8%, which is down 0.1 percentage points from last months forecast, and 2024 at 3.5%.

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