Monday 28 November 2022

Prices of raw materials relevant to Costa Rica reach the highest level in eight years

This is reflected in a new index that the Central Bank began to publish as of this month. The index incorporates prices of grains (wheat, corn, soybeans and rice), metals (iron, steel, aluminum, zinc and copper) and crude oil (unrefined oil) that are registered in international markets.

Paying the bills

Latest

La Sele maintains World Cup dream alive!

QCOSTARICA - Costa Rica's 1-0 win over Japan early...

Five Steps to Receiving a Business Loan

A business loan is a regular procedure for any...

Pandemic Has Led to ‘Silent Crisis’ in Education in Latin America, Caribbean

Q REPORTS (Reuters) Santiago, Chile — The social and...

Why Canada wants 1.5 million immigrants by 2025

Q REPORTS (BBC Mundo) Canada is betting on immigration...

Children’s Hospital reported this week occupancy of up to 120% due to respiratory viruses

QCOSTARICA - The Hospital Nacional de Niños (HNN) -...

Costa Rica officially celebrated Thanksgiving Day for the first time

QCOSTARICA - For the first time and officially, Costa...

Immigration detains three people for depriving domestic workers of their liberty

QCOSTARICA - Costa Rica's immigration police detained two women...

Dollar Exchange

¢599.50 Buy

¢606.96 Sell

26 November 2022 - At The Banks - BCCR

Paying the bills

Share

QCOSTARICA – Supply and demand. Commodity prices reached the highest value in eight years in May 2021, according to a new indicator, the international price index of some imported raw materials (IP-MPi) by Costa Rica, by the Banco Central (Central Bank)

The index incorporates prices of grains (wheat, corn, soybeans and rice), metals (iron, steel, aluminum, zinc and copper) and crude oil (unrefined oil) that are registered in international markets. In the photo, iron rods. Photo: Alejandro Gamboa Madrigal

The index, in its first publication, measures the average monthly variation of the international prices of some raw materials considered relevant in the Costa Rican economy. The indicator is based on 2017, at that time it is worth 100 and from there changes are measured.

The index incorporates prices of grains (wheat, corn, soybeans and rice), metals (iron, steel, aluminum, zinc and copper) and crude oil (unrefined oil) in international markets.

- Advertisement -

These products represent 15% of Costa Rica’s total imports and 35% of raw material imports (average from 2013 to 2020), the monetary authority explained in a statement.

The recently published series registers a significant slowdown at the beginning of 2020, as a result of the effects caused by the covid-19 pandemic, which reached its minimum in April of that year, but from that moment on, sustained growth has been observed. in the prices of raw materials, reaching levels that have not been observed in the entire period covered by the indicator.

These increases affect local prices, as it has already begun to be felt, according to the Central Bank

For example, the 9% increase in the value of wheat flour, in effect on Thursday, July 1 by the company Molinos de Costa Rica, puts pressure on the consumer prices of bread, cookies and pasta.

“The effect of changes in the international prices of these goods is evidenced first in import prices, then in the domestic prices of products manufactured in the country that use these raw materials as inputs, and later in consumer prices,” is detailed in the methodology document.

For example, a variation in the international price of corn (which is used as an input for the production of animal feed) will affect the price of food for animals of national production, in a subsequent stage, it will have an impact on the producer price of meat and finally in the consumer prices of that good.

- Advertisement -

The new index will be published on the Central Bank website on the fifth business day of each month.

 

 

- Advertisement -
Paying the bills
Avatar photo
Ricohttp://www.theqmedia.com
"Rico" is the crazy mind behind the Q media websites, a series of online magazines where everything is Q! In these times of new normal, stay at home. Stay safe. Stay healthy.

Related Articles

Dollar exchanges touches new low of the year

QCOSTARICA - The dollar exchange hit a new low for the...

Dollar exchange at lowest point of the year

QCOSTARICA - What has happened to the dollar exchange, dropping to...

Subscribe to our stories

To be updated with all the latest news, offers and special announcements.