Thursday 1 December 2022

Cost of living in Costa Rica continues to drop!

Year-on-year inflation stood at 8.99%

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1 December 2022 - At The Banks - BCCR

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QCOSTARICA – The cost of living in Costa Rica registered a new decrease, with year-on-year inflation going from 10.37% in September to 8.99% in October, according to the Consumer Price Index (CPI) – Índice de Precios al Consumidor – published by the Instituto Nacional de Estadística y Censo (INEC) – National Institute of Statistics and Census.

The 8.99% inflation rate is the lowest figure since May.

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The monthly inflation for October was -0.76% and the accumulated inflation, from January to October of this year, was positioned at 7.58%. Three out of ten goods and services fell in price in the country.

Nelson Castillo, Coordinator of the INEC Price Index Unit, explained the drop in the inflation figures is a result of the impact of the fall in the price of fuels, electricity and mobile telephony.  At the other extreme, potatoes, residential rents, and water supply were the ones that pushed the index up the most.

Castillo also detailed the food and goods that increased in price according to the CPI. Of the 289 goods and services evaluated, 29% decreased in price, 60% increased and 11% did not show any variation.

 

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