Latest reading: Inflation eased to 1.5% in May, below April’s 2.0%. May’s figure marked the weakest inflation rate since March...
Inflation in Ecuador
In the year 2024, the inflation in Ecuador was 1.55%, compared to 3.59% in 2014 and 2.22% in 2023. It averaged 1.52% over the last decade. For more inflation information, visit our dedicated page.
Ecuador Inflation Chart
Note: This chart displays Inflation Rate (CPI, annual variation in %) for Ecuador from 2024 to 2014.
Source: Macrobond.
Ecuador Inflation Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Inflation (CPI, ann. var. %, aop) | -0.3 | 0.1 | 3.5 | 2.2 | 1.5 |
| Inflation (CPI, ann. var. %, eop) | -0.9 | 1.9 | 3.7 | 1.3 | 0.5 |
Consumer prices decline in April
Latest reading: Consumer prices declined 0.7% on an annual basis in April, swinging from March’s 0.3% rise and marking the largest fall since June 2021. The drop was mainly driven by lower food costs due to a high base effect created by a VAT hike in April 2024, and softer price pressures for transportation amid lower oil prices. That said, electricity subsidies expired at the end of March, causing housing and utilities costs to fall at a milder pace, limiting the headline drop. Accordingly, the trend pointed down mildly, with annual average inflation coming in at 1.0% in April (March: 1.2%). Lastly, consumer prices increased 0.27% in April over the previous month, below March's 0.35% rise.
Panelist insight: Commenting on the outlook, EIU analysts stated: “The continued liberalisation of fuel prices will exert some additional upward price pressures, although the decline in global oil prices will partly offset these. Global commodity price shocks, protectionist measures by the Trump administration or weather-related disruptions to the domestic economy could push inflation above our forecast, as could a faster than expected recovery of weak domestic demand.”
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 Ecuadorian inflation projections for the next ten years from a panel of 14 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 Ecuadorian inflation.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Ecuadorian inflation projections.
Want to get access to the full dataset of Ecuadorian inflation forecasts? Send an email to info@focus-economics.com.
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