Costa Rica Inflation

Costa Rica

Costa Rica: Inflation picks up to nine-month high in June

July 2, 2014

Consumer prices increased 0.38% over the previous month in June, which was down from the 0.53% rise tallied in May. The print marked the lowest inflation rate since November 2013. According to the Statistics Institute, eight of the twelve categories that comprise the index registered price increases in June. Food and non-alcoholic beverages as well as transport were the biggest contributors to the increase.

Annual headline inflation increased from 4.2% in May to 4.6% in June, reaching the highest level since September 2013. As a result, inflation remains well-anchored within the Central Bank’s tolerance margin of plus/minus 1.0 percentage points around its 4.0% target. Annual average inflation remained stable at May’s 4.1%.

The core inflation index, which strips out short-term fluctuations in the consumer price index, rose 0.22% over the previous month (May: +0.34% month-on-month). Annual core inflation inched up from May’s 2.8% to 2.9% in June.

The Central Bank projects that inflation will end 2014 at 4.8% and sees it moderating to 4.6% in 2015. FocusEconomics panelists see inflation ending 2014 at 5.1%, which is unchanged from last month's forecast. In 2015, the panel sees year-end inflation at 5.0%.

Author: Teresa Kersting, Economist

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Costa Rica Inflation Chart

Costa Rica Inflation June 2014

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

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