(QCOSTARICA) In July, the consumer price index (CPI) recorded a monthly variation of 0.93%, placing annual inflation at 0.48%. The accumulated inflation so far this year is 0.94%.

The groups with the greatest contribution to the CPI in July 2016 were: Transport and Food and Non-Alcoholic Beverages.

According to the Instituto Nacional de Estadística y Censos (INEC) – the national statistics and census institute,  in July 2016, of the 315 goods and services that make up the consumer basket (canasta basica in Spanish), 49% increased in price, 42% decreased in price and 9% had no change.

When analyzing the percentage changes of the twelve groups that comprise the index, it can be seen that the transport group is having a major effect on the variation of the general index.

In the last five years (2012 to 2016) the only negative cumulative percentage change from January to July was that of 2015, of -0.35%.

Rise in dollar. Economists attribute the resurgence of inflation to the increase of the dollar, which influences the cost of imported consumer goods and raw materials, affecting the value of production companies.

“With the information we have at this time (the rise in the consumer price index), is due to a temporary acceleration, probably related to the increase in the exchange rate. We have no information or evidence that this is going to sustain in the medium term”, said economist Hermann Hess.

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