Costa Rica’s Central Bank Predicts 7.5% Inflation

In its semi-annual report, the Central Bank predicts a 7.5% inflation rate for 2009.

Friday, June 19, 2009

This prediction comes close to the target rate of 8% that the bank set for this year.

Patricia Leitón wrote in her article for the website Nacion: “The predicted inflation rate refers to the estimates using statistical or econometric tools. The target inflation rate indicates the commitment of the Central Bank to take measures necessary to reach it.”

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Basic interest rate raised to 9.25% in Costa Rica

September 2008

The basic passive rate, which is an average of the savings interest rates, will go up today by 0.5 percentage points, from 8.75% to 9.25%.

This increase will make it a full 5 percentage point increase since last May, when it was at a historic low of 4.25%.
The basic passive rate is an average of the savings interest rates in colones for terms between 150 days (5 months) and 210 days (7 months).

Basic interest rate increases to 8.75% in Costa Rica

September 2008

Negotiations carried out this week with titles from the BCCR (Central Bank) and the Government in the secondary market were part of the effect that cause the increase in the basic passive interest rate which comes into effect today.

The basic passive interest rate, an average of the interest rates for savings colones for periods between 150 days (5 months) and 210 days (7 months), goes up starting this Thursday from 8.50% to 8.75%.

Costa Rica raises inflation forecast to 14%

July 2008

The Central Bank of Costa Rica (BCCR in Spanish) has increased the inflation projection for this year to 14%, up from between 7% to 9% as was previously announced in January.

Bank authorities explained that the change is due the increase in oil and food prices, which in turn produces higher costs of public services and salaries.

Costa Rica's inflation to surpass 11%

June 2008

A survey of economic forecasts shows that the average inflation rate expected for Costa Rica over the next 12 months is 11.7 per cent. A currency devaluation of 3.5 percent is also expected.

The survey is carried out each month by the Central Bank to measure inflation and exchange rate expectations by analysts and experts. The survey covers businessmen, academics and consultants.

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