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 2014 to 2023.
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 declines to lowest level since July 2023 in January

Inflation fell to 1.2% in January, down from December’s 1.9%. January's reading marked the lowest inflation rate since July 2023. Looking at the details of the release, prices for food and non-alcoholic beverages rose at a weaker pace in January, while prices for clothing and footwear contracted at a largely steady rate compared to the previous month's reading. Meanwhile, housing and energy price growth moderated. Accordingly, the trend pointed down mildly, with annual average inflation coming in at 1.4% in January (December: 1.5%). Finally, consumer prices rose 0.25% in January over the previous month, accelerating from December's 0.08% rise. January's uptick marked the highest reading since January 2023.

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 17 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.

Want to get access to the full dataset of Panamanian inflation forecasts? Send an email to

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