Tuesday, 27 October 2020

Regulated Prices Grew Double Inflation

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The price of public services like water, electricity and gasoline are all regulated by the government agency, the Autoridad Reguladora de los Servicios Públicos (ARESEP).

According to the Banco Central (Central Bank), the Aresep increased regulated service prices by 13.5% in the past year, while the inflation rate was 5.7%. It was July when began the increase in the difference between the two indicators.

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Aresep spokesperson, Carolina Mora, cites services by the state power company,  Instituto Costarricense de Electricidad (ICE) was the fastest growing, using oil to generate electrical power.

Mora explained that some of the increases approved last year had delayed adjustments that went into effect in the second half of 2012.

The increase in prices of public services higher than the overall cost of living affects local business and job productivity, according to the experts.

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