Costa Rica Inflation March 2017

Costa Rica

Costa Rica: Inflation jumps to nearly two-year high but remains below target in March

April 7, 2017

Consumer prices fell 0.42% month-on-month in March, contrasting February’s 0.40% rise and marking the first monthly drop since October. According to the National Institute of Statistics and Census (INEC), the figure was driven by a steep drop in food and non-alcoholic beverage prices, along with a similar decrease in transport prices. On the other hand, prices for rental and housing services, healthcare, and alcohol and cigarettes experienced moderate increases.

Inflation jumped to 1.6% in March, up from 1.1% in February and marking the strongest reading in nearly two years. Regardless, inflation remains below the BCCR’s 2.0%–4.0% target range. Meanwhile, annual average inflation inched up to 0.4% in March, following February’s 0.2%. March recorded the strongest annual average growth in more than a year.

FocusEconomics Consensus Forecast panelists expect inflation to end 2017 at 2.8%, which is unchanged from last month's forecast. In 2018, the panel sees year-end inflation rising to 3.5%.


Author:, Economist

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Costa Rica Inflation March 2017

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


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