Mountains in Ecuador

Ecuador Inflation January 2023

Ecuador: Inflation eases to lowest level since April 2022 in January

Inflation dropped to 3.1% in January from December’s 3.7%. January’s result represented the lowest inflation rate since April 2022. The slowdown was largely broad-based and came on softer increase in prices for transportation, food and non-alcoholic beverages, and restaurants and hotels.

Nevertheless, the trend was broadly unchanged, with annual average inflation coming in at December’s 3.5% in January.

Finally, consumer prices rose marginally 0.12% from the previous month in January, from December’s 0.16% increase.

Analysts at the EIU commented on the outlook:

“Supply-side pressures that built up during 2022 are starting to ebb as global demand cools and supply chains are repaired. However, global commodity markets will remain especially sensitive to one-off shocks in major producers, such as drought, flooding and natural disasters, the effects of which could pass through to the domestic economy quickly. We expect global commodity prices to continue to fall and dollarisation to remain in place, leading inflation to moderate to an average of 1.4% per year in 2024-27.”

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