Ecuador: Inflation reaches a three-year high in March
April 6, 2012
In March, consumer prices added 0.90% over the previous month, which was above the 0.78% increase observed in February and represented, in fact, the largest monthly rise since March 2009. Consumer prices were affected by higher prices for food and non-alcoholic beverages as well as for restaurants and hotels. Food prices have increased this year due to heavy rains in the costal region, which have damaged crops. Owing to the monthly price increase, annual headline inflation stepped up from 5.5% in February to 6.1% in March, the highest level since April 2009. According to the 2012 budget, the Ministry of Finance projects inflation to reach 5.1% this year.