The Dominican Republic has experienced a record high inflation this year. The Central Bank revealed that the inflation rate between May 2020 and May 2021 had hit 10.48%. This makes official what everyone has felt in their pocketbooks. In the first five months of the year, the rate was 3.36%, which points to a yearly rate way over 12%.
The Central Bank says that this is a temporary trend that should begin to slow this month. Meanwhile, the record increases in freight rates for shipping are having a strong impact on the economy. The increase in the Consumer Price Index (CPI) is fueled by rising costs in transportation, food and beverages, goods and services, and home goods. Fuel prices were up close to 3.5%, airline tickets were up over 5% and edible oils were up over 6%. Common foodstuffs were generally on the upswing, with exceptions in limes, garlic, plantains and potatoes.
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Central Bank
21 June 2021