Dominican Republic Inflation January 2021

Dominican Republic

Dominican Republic: Inflation hits highest level in nine years in January

February 15, 2021

Consumer prices rose 0.97% in January over the previous month, accelerating from December's 0.48% increase. January's figure was the sharpest increase in prices since July 2020, and was driven by higher prices for transport, food and housing.

Inflation came in at 6.2% in January, which was up from December’s 5.6%. January's figure represented the highest inflation rate since January 2012. Annual average inflation edged up to 3.9% in January (December: 3.8%). Lastly, core inflation ticked up to 4.9% from the previous month's 4.8%.

Recent price pressures are judged to be partly transitory, amid weather-related supply issues and higher import prices, and panelists see inflation falling back into the 3.0%–5.0% target range this year as the impact of these factors fades. However, the recent surge in crude oil prices poses an upside risk.

FocusEconomics panelists project inflation to end 2021 at 3.7%, which is unchanged from last month’s forecast, and 2022 at 3.6%.


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Dominican Republic Inflation Chart

Dominican Republic Inflation January 2021 1

Note: Annual and monthly variation of consumer price index in %.
Source: Dominican Republic Central Bank.

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