Latest reading: Harmonized consumer prices increased 3.5% on a year-on-year basis in May, following a 3.6% rise in the previous...
Inflation in Ecuador
Consumer price inflation in Ecuador averaged 1.5% in the ten years to 2024, in line with the Latin America regional average of 10.8%. The 2024 average figure was 1.5%. For more information on inflation, visit our dedicated page.
Ecuador Inflation Chart
Note: This chart displays Inflation Rate (CPI, annual variation in %) for Ecuador from 2014 to 2025.
Source: Macrobond.
Ecuador Inflation Data
| 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|
| Inflation (CPI, ann. var. %, aop) | 0.1 | 3.5 | 2.2 | 1.5 | 0.7 |
| Inflation (CPI, ann. var. %, eop) | 1.9 | 3.7 | 1.3 | 0.5 | 1.9 |
Inflation ebbs in May from April
Latest reading: Consumer prices rose 0.9% on a year-on-year basis in May, following a 2.6% rise in the prior month. May's reading was the weakest since September 2025. Relative to the prior month's data, there were reduced price pressures for food and non-alcoholic beverages (-0.1% on a year-on-year basis vs +0.3% in April), housing and utilities (-7.2% vs +17.3% in April), restaurants and hotels (+1.2% vs +1.4% in April) and communication (+0.6% vs +0.7% in April). In contrast, price pressures were higher for transportation in May (+5.9% vs +3.2% in April). Lastly, consumer prices declined 0.62% in May in month-on-month terms, following a 0.53% increase in the previous month.
Panelist insight: Commenting on the outlook, Sergio Armella, analyst at Goldman Sachs stated: “Overall, inflation remains low, with contained core inflation pressures excluding food and energy, but we expect higher headline readings in the coming months as temporary electricity subsidies reverse. The measured tariff decline in the May CPI was associated with the extraordinary contribution received during the month by households affected by power outages in April, and should therefore reverse to a significant extent in the June reading.”
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 20 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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