Dominican Republic: Inflation Keeps Declining

After the year-on-year variation of the CPI in April of this year was only 1.6%, in May the inflationary rhythm in the country was low again, in this case it was 1.3%.

Wednesday, June 12, 2019

The consumer price index (CPI) recorded -0.03% in May in comparison with April. Indeed, accumulated inflation for the 2019 January-May period stood at 1.36%. With this result, annualized inflation, i.e. measured from May 2018 to May 2019, reached 1.31%, remaining below the lower limit of the target range, informed the Central Bank of the Dominican Republic.

The document states that "... The general inflation around zero registered in May 2019 is because the negative variations of the index of the groups Transportation (-0.21%), Housing (-0.17%), Recreation and Culture (-0.49%) and Food and Non-Alcoholic Beverages (-0.06%), were partially compensated by the positive variation verified in the CPI of the groups Education (0.56%), Health (0.23%), Alcoholic Beverages and Tobacco (0.23%) and Diverse Goods and Services (0.15%).

The -0.21% variation of the Transport group index is due to the decrease in the prices of cars (-1.24%), tickets abroad (-10.80%) and liquefied gas for vehicles (LPG) (-1.33%). In spite of the decreases registered in fuel prices during the last weeks of May, as a result of the adjustments arranged by the Ministry of Industry, Commerce and MSMEs (MICM), in compliance with Law 112-00 on Hydrocarbons, the average price for the month was higher than the month of April for regular (0.70%) and Premium (0.48%) gasoline and diesel (1.92%). Also, there was an increase in the prices of motorbike taxis (0.75%), affecting that the negative variation of this group was not of greater magnitude.

The -0.17% decrease, reflected by the Housing group index, is mainly because of the 1.33% decrease in the price of liquefied petroleum gas for domestic use. Meanwhile, the rental housing service increased by 0.16 percent.
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