The skyline in Panama City, Panama

Panama Inflation

Panama Inflation

Inflation in Panama

Consumer price inflation in Panama averaged 1.2% in the ten years up to 2022, below the Central America and Caribbean regional average of 3.4%. The 2022 average figure was 2.9%. For more inflation information, visit our dedicated page.

Panama Inflation Chart

Note: This chart displays Inflation Rate (CPI, annual variation in %) for Panama from 2013 to 2022.
Source: National Institute of Statistics and Census Panama.

Panama Inflation Data

2018 2019 2020 2021 2022
Inflation (CPI, ann. var. %, aop) 0.8 -0.4 -1.6 1.6 2.9
Inflation (CPI, ann. var. %, eop) 0.2 -0.1 -1.6 2.6 2.1
Inflation (PPI, ann. var. %, aop) - -1.1 -0.3 2.3 3.2

Inflation falls to lowest level since July in October

Inflation inched down to 2.1% in October, which followed September’s 2.3%. October's reading marked the lowest inflation rate since July. The figure was primarily driven by slower growth in prices for food and non-alcoholic beverages and for transport. In addition, price pressures for clothing and footwear dropped at a sharper rate. Annual average inflation rose to 1.5% in October (September: 1.4%). Finally, consumer prices dropped 0.18% over the previous month in October, swinging from September's 0.13% increase. October's result marked the weakest reading since August 2022.

Analysts at the EIU commented on the outlook: “The current wave of protests, which looks set to continue for a few more weeks, will hit food and other supplies, lifting inflation to 3.4% by year-end—still below the global average of 7.3% for 2023. Assuming that prices and supply normalise over the medium term, inflation will be closer to 2% in 2024–2028, even once subsidies have been withdrawn. However, local food supplies could be hit by an (increasingly likely) El Niño-related drought, which would drive up inflation.”

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 Panamanian inflation projections for the next ten years from a panel of 16 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 Panamanian inflation.

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

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