The Ministry of Industry & Commerce (MICM) reports that basic staple food prices have begun to drop. The MICM reported price drops on rice, meat, egg, herring, and cooking oil.
In October 2022, according to data from the Central Bank (BCRD), the consumer price index (CPI) increased 0.28%, thus registering three consecutive months below the 0.30% threshold and placing the accumulated inflation for the first ten months of 2022 at 6.31%.
As for inter-annual inflation, measured from October 2021 to October 2022, the BCRD maintained a downward trajectory, standing at 8.24 % in October.
Inflation is forecast to be around 7% by the end of 2022.
The monthly CPI behavior report states that the downward trend of inflation allows projecting that inflation would be converging towards the target range of 4% ± 1% before the end of the second quarter of 2023.
The declines are attributed to the timely measures adopted by the Central Bank to mitigate price growth. The Central Bank says the monetary policies are having positive effects on prices. Likewise, the subsidies implemented by the government for fuel, the delaying of adjustments to electricity tariffs, and the initiatives to mitigate production costs in agriculture and livestock have also had an impact, states the Ministry of Industry & Commerce in a press release.
Read more in Spanish:
El Caribe
14 November 2022