Wednesday 27 September 2023

Costa Rica consumer prices deflate in July

Costa Rica’s unexpected deflation amid post-pandemic economic upheaval in Latin America

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27 September 2023 - At The Banks - Source: BCCR

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QCOSTARICA (Bloomberg) While Argentina and Venezuela grapple with skyrocketing inflation, significantly eroding residents’ incomes, most Latin American nations are witnessing a price deceleration post-pandemic.

The region’s two dominant economies, Brazil and Mexico, have been gradually curbing these widespread price hikes, aligning more closely with their central banks’ targets.

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Surprisingly, Costa Rica stands out in this region, not just for its low Consumer Price Index (CPI) but for registering the second-highest deflation globally at 2.29% in July 2023.

This comes after a sharp spike in inflation in 2022 when Costa Rica’s CPI soared to 12.13% in August of that year.

Among the world’s leading economies, China, the world’s second-largest, has been facing year-on-year deflation, concluding July at -0.3%.

Key Inflation Stats from Latin America’s Major Economies:

  • Brazil: Concluded July with an annual inflation rate of 3.99%, a slight increase from June’s 3.16%. Despite this, Brazil’s trend has largely been deflationary, with a minor setback in July.
  • Mexico: The annual inflation rate settled at 4.79% in July, down from June’s 5.06%.
  • Venezuela continues to have the world’s highest annual inflation, though it dipped to 398.2% in July, a 6.2% decrease from June.
  • Argentina ranks third globally with its consumer price index at 113.4% in July. Recent currency devaluation forecasts indicate potential inflation surges.

Other Latin American inflation figures as of July 2023:

  • Bolivia: 2.7%
  • Chile: 6.5%
  • Colombia: 11.78%
  • Ecuador: 2.07%
  • El Salvador: 3.34%
  • Guatemala: 4.53%
  • Honduras: 5.15%
  • Nicaragua: 8.17%
  • Panama: 0.58%
  • Paraguay: 3.5%
  • Peru: 5.88%
  • Uruguay: 4.79%
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