Inflation in Costa Rica
Costa Rica - Inflation
Inflation holds steady in August, while the Central Bank leaves rates unchanged on 21 August
Consumer prices fell 0.1% in August compared to the previous month, contrasting the 0.7% jump in July, which was a three-and-a-half year high and due to the introduction of an expanded VAT in the month. August’s decrease was partly due to lower food and non-alcoholic beverage prices.
Inflation in August was unchanged at July’s 2.9%, staying close to the 3.0% midpoint of the Central Bank’s 2.0%–4.0% target range. Annual average inflation ticked up to 2.2% from 2.1%.
On the monetary policy front, the Central Bank left the key policy rate unchanged at 4.00% on 21 August amid contained inflationary pressures, after cutting it for the third time this year by 0.25 percentage points on 22 July.
FocusEconomics Consensus Forecast panelists expect inflation to end this year at 2.7%, which is unchanged from last month's forecast, and 2.9% in 2020.
Costa Rica - Inflation Data
| 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|
| Inflation Rate (CPI, annual variation in %) | 5.2 | 4.5 | 0.8 | 0.0 | 1.6 |
Costa Rica Inflation Chart
Source: Costa Rica Central Bank and FocusEconomics calculations.
Costa Rica Facts
| Value | Change | Date | |
|---|---|---|---|
| Exchange Rate | 576.5 | -0.57 % | Sep 04 |
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Economic News
Costa Rica: Central Bank again cuts rates in September
September 18, 2019
At its 18 September monetary policy meeting, the Central Bank of Costa Rica took market analysts by surprise and cut the policy interest rate to 3.75% from 4.00%.
Costa Rica: The economy accelerates in July
September 11, 2019
Annual economic growth in cyclically-adjusted terms accelerated to 1.5% in July from June’s revised 1.3% (previously reported: +1.5% year-on-year), nevertheless, economic activity remained subdued by historical standards. Although economic growth ticked up in July, partly on strong activity growth in the ICT sector, it was still hampered by a continued decline in activity in the agriculture sector, which is struggling following a prolonged spell of dry weather, partly due to the El Niño effect.
Costa Rica: Government proposes tightening the belt in 2020
September 9, 2019
On 30 August, the fiscally-strained government of Costa Rica presented to Congress its 2020 budget proposal, which outlines cutting spending by 4.3% compared to this year.
Costa Rica: Inflation holds steady in August, while the Central Bank leaves rates unchanged on 21 August
September 6, 2019
Consumer prices fell 0.1% in August compared to the previous month, contrasting the 0.7% jump in July, which was a three-and-a-half year high and due to the introduction of an expanded VAT in the month.
Costa Rica: The economy remains sluggish in June
August 9, 2019
Annual economic growth in cyclically-adjusted terms inched up to 1.5% in June from May’s revised 1.4% (previously reported: +1.3% year-on-year), which represented the weakest reading since December 2009. Growth remained historically subdued in June due to a continued decline in activity in the agriculture sector, which is struggling following a prolonged spell of dry weather, partly due to the El Niño effect.
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