Thursday 1 June 2023

Costa Rica among the Latin countries where inflation fell the most during the pandemic

Two nations in the region recorded falls of more than two percentage points

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QCOSTARICA – Costa Rica, along with Nicaragua, are the countries where inflation fell the most in Latin America, with a decrease of more than two percentage points compared to September 2019 with the same month this year, considering the pandemic factor.

This was revealed by the study “Preliminary Balance of the Economies of Latin America and the Caribbean 2020“, prepared by the United Nations Economic Commission for Latin America and the Caribbean, known as ECLAC or in Spanish and Portuguese CEPAL.

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Our country ranks fifth among the nations with the least inflation, having the second most significant drop in this economic factor.

In the region, the country with the lowest inflation is Panama (-2.4%), while Uruguay has the highest (9.9%).

Countries with chronic or hyperinflation are excluded, such as Argentina and Venezuela, the latter with values ​​close to 2,000%.

In the first nine months of 2020, the year-on-year inflation rate fell in most of the economies of Latin America and the Caribbean, says ECLAC.

This reflects the strong contraction that aggregate demand has experienced and opens the space to maintain expansionary monetary policies.

The lower the inflation rate in a country, as in Costa Rica, the more value money has to purchase products and services.

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Latin American countries with lower inflation (figures in percentages):

  1. 1. Panama (-2.4)
  2. Ecuador (-0.9)
  3. Cuba (-0.3)
  4. El Salvador (-0.3)
  5. Costa Rica (0.3)

Sources: La Republica; ECLAC

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