Friday 12 August 2022

Costa Rica’s year-on-year inflation maintains an upward trend and stands at 10.06%

The items that contributed the most to the rise in the Consumer Price Index, during June 2022, were grouped in the divisions of transportation and food and non-alcoholic beverages

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12 August 2022 - At The Banks - BCCR

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QCOSTARICA – The price of fuel, oil, tomato and onion caused interannual inflation in Costa Rica to reach 10.06%, according to the Consumer Price Index (CPI) published by the National Institute of Statistics and Census (INEC).

The divisions with the greatest contribution to the monthly variation of the CPI, in June 2022, were transportation, food and non-alcoholic beverages. Image for illustrative purposes.

Monthly inflation for June was 1.78% and accumulated inflation, from January to June, stood at 7.35%. Seven out of ten goods and services rose in price in the country.

According to the INEC, since 2008 there has not been such a high monthly variation in inflation, in addition, the interannual variation of 10.06% is the highest in the last 10 years.

Evolution of inflation in Costa Rica. This graph shows the evolution of the interannual variation of inflation in Costa Rica, measured by the Consumer Price Index (CPI). Elfinancieriocr.com
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The inflation rate for consumer prices in Costa Rica moved over the past 61 years between -0.7% and 90.1%. For 2021, an inflation rate of 1.7% was calculated. During the observation period from 1960 to 2021, the average inflation rate was 11.5% per year.

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