Dominican Republic Inflation March 2017

Dominican Republic

Dominican Republic: Inflation moderates in March

April 11, 2017

In March, consumer prices in the Dominican Republic declined 0.20% from the previous month, which contrasted the 0.42% increase observed in February. According to the Central Bank, the decrease mainly reflected lower prices for food and non-alcoholic beverages and housing.

Inflation in March came in at 3.1%, slightly down from February’s 3.3% reading, which had marked a 13-month high. The rate nevertheless remained within the Central Bank’s 3.0%-5.0% target range. Annual average inflation in March came in at 1.9%, up from February’s 1.7% and marking the highest reading since May 2015.

At its meeting on 30 March, the Central Bank decided to raise its monetary policy rate to 5.75% from 5.50%, taking into consideration the latest data on inflation, market expectations and recent developments in the most important macroeconomic indicators, in particular the healthy expansion of lending activity in the first quarter of 2017.

FocusEconomics Consensus Forecast participants expect inflation to end 2017 at 2.0%, which is down 0.1 percentage points from last month’s projection. Panelists project inflation of 3.1% in 2018.

Author: Massimo Bassetti, Economist

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