Panama Inflation July 2017

Panama

Panama: Inflation moderates further in July

August 11, 2017

Consumer prices dropped 0.2% in July, matching the print observed in June. According to the National Comptroller’s Office (Contraloría General de la República), July’s print reflected lower prices in 5 of the 12 components of the index, which more than offset higher prices in 5 categories. Transportation, food and non-alcoholic beverages were the categories that dropped the most.

Inflation moderated from June’s 0.7% to 0.4% in July, the lowest print in one year. Due to the country’s dollarized economy, the authorities lack the freedom to use monetary policy or exchange rate adjustments to influence inflation. Meanwhile, annual average inflation remained steady in July at the 1.1% observed in June.

FocusEconomics Consensus Forecast participants expect inflation to end 2017 at 1.7%, which is down 0.3 percentage points from last month’s projection. For 2018, panelists project inflation of 2.4%.


Author: Jean-Philippe Pourcelot, Economist

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Panama Inflation July 2017 1

Note: Annual variation of consumer price index in %.
Source: National Comptroller’s Office and FocusEconomics calculations


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