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Costa Rica Inflation

Costa Rica Inflation

Inflation in Costa Rica

Consumer price inflation averaged 2.7% in the ten years to 2022 in Costa Rica, below the Central America and Caribbean average of 3.4%. The 2022 average figure was 8.3%. For more inflation information, visit our dedicated page.

Costa Rica Inflation Chart

Note: This chart displays Inflation Rate (CPI, annual variation in %) for Costa Rica from 2014 to 2023.
Source: Central Bank of Costa Rica.

Costa Rica Inflation Data

2018 2019 2020 2021 2022
Inflation (CPI, ann. var. %, aop) 2.2 2.1 0.7 1.7 8.3
Inflation (CPI, ann. var. %, eop) 2.0 1.5 0.9 3.3 7.9
Inflation (PPI, ann. var. %, eop) 4.3 -0.3 2.7 13.9 8.1

Consumer prices register biggest drop since September 2023 in January

Consumer prices decreased 1.9% year-on-year in January, following December’s 1.8% year-on-year decrease. January's reading represented the largest fall in consumer prices since September 2023. The reading was due to softer price pressures for housing and utilities and a steeper fall in transportation prices. Meanwhile, the annual average variation of consumer prices fell to minus 0.2% in January (December: +0.5%). Finally, consumer prices increased 0.06% in January over the previous month, accelerating from December's 0.01% rise. January's result marked the highest reading since October 2023.

Consensus Forecasts and Projections for the next ten years

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Costa Rican inflation projections for the next ten years from a panel of 19 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for Costa Rican inflation.

Download one of our sample reports to visualize what a Consensus Forecast is and see our Costa Rican inflation projections.

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