2006 Sees Lowest Inflation in 14 Years

January 5, 2007

Costa Rica ended 2006 with inflation registered at 9.43%, the lowest rate in 14 years, according to the National Statistics and Census Institute (INEC).

During the month of December, inflation registered 1.02% because of increases in the prices of food and beverages, health services, entertainment and shoes, among other goods and services.

The 9.43% inflation recorded last year was just below the 9.68% recorded in 2002 and the 9.87% recorded in 2003.

2005 registered the highest inflation in the past decade, 14.07%, followed by 13.13%, registered in 2004.

Last year, INEC recalculated its formula for the consumer price index (CPI) by redefining the goods that make up the index, which had not been updated in 20 years. The Internet, cell phones and tourist packages were included in the index for the first time.

The daily La Nación reported this week that Costa Rica has the fourth highest inflation in Latin America.

 

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