The Central Bank of the Dominican Republic (BCRD) reported that the consumer price index (CPI) rose by 0.40% in August 2024, a decrease from the 0.53% increase seen in July.
The BCRD attributed this slowdown primarily to a deceleration in food price growth. As a result, annual inflation, or inflation over the past twelve months, decreased from 3.54% in July to 3.42% in August 2024, remaining within the lower limit and center of the target range of 4.0% ± 1.0% for the ninth consecutive month since December 2023.
The Central Bank indicates that core inflation for the past twelve months stood at 4.05% at the end of August 2024. This means that core inflation remains around the center of the institution’s target. Core inflation, which excludes items with highly variable prices such as food, fuels, and regulated services, provides clearer signals for monetary policy.
With an annual inflation rate of 3.42% in August 2024, the Dominican Republic is among the countries with the lowest inflation in Latin America, excluding dollarized economies (Panama, Ecuador, and El Salvador).
Overall, the BCRD’s report indicates that inflation in the Dominican Republic remains under control and is trending downward.
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Central Bank
10 September 2024