First modification:
It is the second consecutive month in which there is no rising inflation in Costa Rica. Although the data accumulated to October is 7.58% and that of the last 12 months is 8.99%, both are above the 4% goal established by the Central Bank of Costa Rica at the beginning of 2022.
The accumulated inflation in Costa Rica until October 2022 stood at 7.58%, while the interannual rate reached 8.99%, according to the state National Institute of Statistics and Censuses, INEC.
INEC data indicate that during October the index registered a decrease of 0.76% due to the drop in the prices of products and services such as fuel, electricity, mobile telephony, tomato and onion.
And although this would be the second consecutive month in which there is no upward inflation in Costa Rica, the accumulated data to October is 7.58% and the annual figure reaches 8.99%. This is the highest inflation in the last decade.
The Central Bank of Costa Rica admits that the remainder of 2022 and part of 2023 would remain above the tolerance range with respect to the 4% goal proposed by the issuer.
On October 31, the president of the Central Bank, Roger Madrigal, acknowledged that “inflation is still high” but assured that “there are signs that indicate that it reached its maximum in August.”
Projections point to inflation closing the year at 9.4% and returning to the entity’s target range until 2024. This year the Central Bank has raised interest rates as a measure to combat inflation, following the line of other central banks of the world.
with EFE
