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Q COSTA RICA – Costa Rica registered an inflation rate of -1.36% in the first five months of 2023, showing that the indicator is coming back to the goals set by the government.

According to the Instituto Nacional de Estadística y Censos (INEC) – National Institute of Statistics and Censuses – report, in May the index was negative and stood at -0.11%, while in the same period of the previous year it was 1.44%.

Of the 289 goods and services that make up the consumption basket, 48% increased in price compared to the previous period, 37% decreased and the remaining 15% remained unchanged, the INEC explained in a statement.

Among the products and services that increased in price last May are airline tickets, gasoline, eggs, new cars, chicken breast, bus transportation, sweet chili, and potatoes, among others.

While those that fell in price were mobile phones, tomatoes, oil, tourist packages abroad, onions, beans, and canned tuna, among others.

Interannual variation in inflation from June 2022 to May 2023 was 0.88%, which is the third lowest in the last 10 years. With 0.88%, the Central Bank’s target range of between 2% and 4% is confirmed.

To reduce inflation, the Central Bank has had a restrictive monetary policy since mid-2022, which has led to sharp increases in interest rates to discourage consumption.

 

 

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