The Central Bank of the Dominican Republic (BCRD) reports a year-to-year inflation (January 2021 to January 2022) of 8.73%. The Consumer Price Index registered a variation of 1.18% in January compared to December 2021. The target for the year is 4% ± 1%.
The Central Bank says that the inflationary pressures have been more persistent than expected. This has led the Monetary Board to increase the monetary policy rate to 5% per year.
The Central Bank highlights the local impact of the rising price of imported oil given the limitations in world crude oil production and geopolitical tensions. Likewise, other important raw materials for local production, such as soybean, corn and wheat, registered new increases during January 2022 of 9.40%, 4.57% and 1.29%, respectively. The high cost of container transportation continues to have an impact on the prices of imported goods.
The BCRD analysis shows that the groups with the highest contribution to inflation were housing (3.45%), food and non-alcoholic beverages (1.17%) and transportation (0.88%), which accounted for 75% of general inflation in January 2022.
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Central Bank
16 February 2022