QCOSTARICA — The variation in the prices of goods and services continued to show a downward trend, reaching -0.14%, moving further away from the Central Bank’s target, according to data from the Instituto Nacional de Estadística y Censos (INEC) – National Institute of Statistics and Census.
This result marks a setback after two months of growth and continues to widen the gap with respect to the Banco Central (Central Bank)’s inflation target, which stands at 3%.
Of the 289 goods and services analyzed, 42% increased in price, while 41% showed decreases.
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Rice, papaya and airline tickets showed increases, while onions, tomatoes and gasoline fell in price.
The Central Bank expects this indicator to be within the target range starting in 2025 and that is why it reduced interest rates in September.
“This result complicates the outlook for reaching the target, which is not only a monetary commitment, but also shows that it is necessary to adjust monetary policy with production. Entering negative territory means that there are no salary increases for the year and that the monetary policy rate is too high and must continue to fall,” said Daniel Suchar, financial analyst.
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