Colorful city in Guatemala

Guatemala Inflation

Guatemala Inflation

Inflation in Guatemala

Consumer price inflation in Guatemala averaged 4.1% in the ten years to 2022, above the Central America and Caribbean regional average of 3.4%. The 2022 average figure was 6.9%. For more inflation information, visit our dedicated page.

Guatemala Inflation Chart

Note: This chart displays Inflation Rate (CPI, annual variation in %) for Guatemala from 2020 to 2019.
Source: National Statistical Institute Guatemala.

Guatemala Inflation Data

2018 2019 2020 2021 2022
Inflation (CPI, ann. var. %, aop) 3.8 3.7 3.2 4.3 6.9
Inflation (CPI, ann. var. %, eop) 2.3 3.4 4.8 3.1 9.2
Inflation (Core, ann. var. %, eop) 3.0 3.1 2.3 3.2 5.0

Inflation falls to over one-year low in December

Inflation eased to 4.2% in December, falling slightly from November’s 4.3%. December's result represented the lowest inflation rate since March 2022. The figure was largely driven by softer price pressures for housing and utilities, while price growth for food and alcoholic beverages was stable year on year. In addition, the trend pointed down, with annual average inflation coming in at 6.2% in December (November: 6.6%). Finally, consumer prices increased 0.11% over the previous month in December, contrasting the 0.66% drop logged in November.

On the outlook for inflation, analysts at the EIU commented: “We expect headline inflation to remain in Banguat's 3-5% target range in 2024, but there is a substantial risk that weather events will push inflation above the upper bound. Although tight domestic monetary conditions and a further easing of global supply bottlenecks will support disinflation, fuel prices will remain above pre-pandemic levels.”

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 Guatemalan inflation projections for the next ten years from a panel of 12 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 Guatemalan inflation.

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

Want to get access to the full dataset of Guatemalan inflation forecasts? Send an email to info@focus-economics.com.

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