Costa Rica: Inflation accelerates in January
February 5, 2013
In January, consumer prices jumped 1.31% over the previous month, which marked the strongest monthly increase in three years. The reading came in well above the 0.28% increase recorded in December and mostly reflects an increase in electricity tariffs.
As a result, annual inflation rose from 4.6% in December to 5.7% in January, the highest level since December 2010 but still within the Central Bank's target of 5.0% with a tolerance margin of plus/minus 1.0 percentage points.
Meanwhile, the core inflation index, which strips out short-term fluctuations in the consumer price index, added 0.63% in January, which was above the 0.26% increase observed in December. Annual core inflation, however, remained unchanged at December's 3.3% rate.
According to the Macroeconomic Programme 2013-2014, the Central Bank intends to maintain an inflation target of 5.0% (with a tolerance margin of plus/minus 1.0 percentage points) this year and the next.