Panama Inflation

Panama

Panama: Inflation remained unchanged in November

December 11, 2015

In November, consumer prices were unchanged over the previous month, which came in above October’s 0.10% drop. According to the National Comptroller’s Office (Contraloría General de la República), prices for 5 of the 12 categories included in the survey had fallen. The biggest declines were in transportation, furniture and household items. These drops, however, were offset by gains in five components of the survey.

Inflation recorded a flat reading in November, which came in above the 0.4% drop recorded in October. Inflation has remained at historically-low levels thanks to a price control system and falling oil prices. Nevertheless, inflation is expected to pick up moderately after December when the government is expected to remove the price control system that has been in place since 2014. Due to the country’s dollarized economy, authorities lack the freedom to use monetary policy or exchange rate adjustments to influence inflation.

Panelists participating in the LatinFocus Consensus Forecast expect inflation to reach 0.8% by the end of 2015, which is down 0.3 percentage points from last month’s forecast. For 2016, the panel sees inflation at 1.5%, which is also down 0.3 percentage points from last month’s forecast.


Author: Jean-Philippe Pourcelot, Economist

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Panama Inflation Chart


Panama Inflation November 2015

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


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