Panama Inflation October 2022

Panama

Panama: Inflation falls to lowest level since June 2021 in October

November 15, 2022

Inflation came in at 1.7% in October, which was down from September’s 1.9%. October's figure marked the weakest inflation rate since June 2021. The result was driven by contracting transport prices as well as slower growth in housing and utilities prices. That said, prices for food and non-alcoholic beverages rose at a quicker pace this month than in the last.

Annual average inflation fell to 3.1% in October (September: 3.2%). Finally, consumer prices rose 0.04% in October over the previous month, broadly unchanged from September's 0.02% rise. October's result marked the sharpest increase in prices since June.

FocusEconomics panelists expect inflation to pick up slightly from current levels in 2023: Prices should be boosted by rapid domestic economic growth as well as the planned end of government subsidies on 15 January 2023. That said, the removal of these subsidies—given recent cost-of-living protests—could prove politically difficult. Swings in public policy and commodity prices remain the main factors to watch.

Our panelists project that inflation will end 2023 at 2.5%, which is down 0.3 percentage points from last month’s forecast. The panel sees inflation ending 2024 at 2.6%.


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Panama Inflation October 2022 0

Note: Annual and monthly variation of consumer price index in %.
Source: Instituto Nacional de Estadística y Censo.


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