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Costa Rica Inflation November 2022

Costa Rica: Inflation plunges to lowest level since April in November

Inflation dropped to 8.3% in November, following Octobers 9.0%. November’s figure marked the weakest inflation rate since April. Looking at the details of the release, prices for food and non-alcoholic beverages, clothing, housing, and transport increased at a softer rate in November.

The trend pointed up, with annual average inflation coming in at 7.9% in November (October: 7.5%).

Lastly, consumer prices rose 0.14% in November over the previous month, contrasting October’s 0.76% fall.

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 and will close the year within sight of the BCCR’s [2–4%] target range. Assuming that there is less volatility in the global economy in 2024-27, it should become easier for the BCCR to set monetary policy that enables inflation to stay within the target range.”

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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