The Central Bank of the Dominican Republic (BCRD) reports that monthly inflation (Consumer Price Index) for May 2023 was -0.20%. The interannual inflation rate is now at 4.43 %, returning to its target range.
The negative monthly variation of the CPI is explained by the decrease in fuel tariffs ordered by the government, as well as the fall in the prices of fresh chicken and plantains, foods with a high weighting in the family basket.
The inter-annual inflation measured from May 2022 to May 2023 at 4.43% is the lowest rate since July 2020. Thus, inflation returns to its target range of 4.0%±1. % established in the monetary program, converging ahead of schedule.
The BCRD establishes in its report that interannual core inflation continues with a downward trend, standing at 5.51% in May 2023 (178 basis points below the maximum of 7.29% registered in the same month of 2022). This compares to the Consumer Price Index rate of 0.28% in March and 0.32% in April.
Food and Non-Alcoholic Beverages, with a variation of -0.63%, Housing (-0.62%) and Transportation (-0.31%) had the greatest impact on inflation in May. There were positive variations observed in the indexes of the groups Restaurants and Hotels (0.40%), Miscellaneous Goods and Services (0.30%) and Education (0.90%).
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Central Bank
6 June 2023