The Central Bank of the Dominican Republic has announced a consumer price increase of 0.73% for December 2021. The year-to-year figure was set at 8.50%.
Most consumers would argue with these numbers. According to the Economic Commission for Latin America (ECLAC), the inflation across all of the area affects the buying power of the majority of the population.
Alicia Barcena, the ECLAC spokesperson, reported that it is vital for the Dominican Republic to control its inflation. She noted that social policies (stimulus checks) and job creation push the post-pandemic economic recovery.
The Central Bank reiterated that the world-wide supply chain crisis has impacted the internal price structure. Recent news items have reported 200% price increases for a shipping container from the Far East.
The Central Bank noted that no-alcoholic consumer goods increased 0.81% in December, one of the highest increases on record. Driving the increase in prices were coffee, eggs and plantains, the most basic items of the Dominican diet. Limes were up over 25%! Potatoes, green bananas, red onions, tomato paste, avocados and meat products were also major contributors.
All the major sectors (transportation, housing and goods and services) saw significant price increases. Everything from the ubiquitous moto-concho to the cost of an airline ticket were higher. Rents, paint and LPG cooking gas were higher. The Central Bank even reported a 3% increase in the cost of haircuts and salon services.
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Listin Diario
Listin Diario
17 January 2022