Sunday 5 February 2023

Unemployment and cost of living are the main challenges in 2023

Inflation could increase due to external factors

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4 February 2023 - At The Banks - BCCR

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QCOSTARICA – The only way to alleviate the rise in inflation and the high level of unemployment is by increasing economic growth, assured Ennio Rodríguez, president of the Colegio de Ciencias Económicas (College of Economic Sciences).

The level of employment reported a downward variation of 11.6%, a figure lower than before the pandemic when it was 12.2%, according to data provided by the Instituto Nacional de Estadística y Censos (INEC) – National Institute of Statistics and Censuses.

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By the end of 2023, the rate is expected to drop to 11.1%. Although specialists point out that there is a not insignificant improvement, the figure is still very high.

The cost of the main foods of Costa Ricans in 2023 is expected to rise in the range of 8% to 15%.

This inflationary process is reflected in the loss of purchasing power of households and its consequences in poverty and other indicators such as security.

Read more: Families spend ¢11,000 more on food for each person, compared to a year before

The price of the canasta basica (basic basket) is experiencing a situation similar to that of unemployment, since inflation will be less than the 20% in 2022, but it is still higher than what was experienced between 2019 and 2021 (4% to 8%).

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