Costa Rica recorded a deflation or negative inflation of 1.77% during 2023, the largest in the last ten years, the state National Institute of Statistics and Censuses (INEC) reported Monday.
The 2023 indicator was left out of the Central Bank’s target range of between 2 and 4 per cent, which has been set for 2024.
According to the INEC report, in December 2023 the lowest positive monthly variation of the last five years was recorded at 0.01%, while the cumulative from January to December closed with negative inflation of -1,77%.
This negative annual variation is the highest recorded since the indicator in the country is calculated. Since 2015 there has been no negative annual variation, explained in statements distributed to the media by the coordinator of the Price Indices Unit, Nelson Castillo.
Of the 289 goods and services that make up the consumer basket, 43 per cent increased in price compared to the previous period, 39 per cent decreased and the remaining 18 per cent remained unchanged, INEC explained in a statement.
Among the products and services that went up in price last December are tomatoes, tourist packages abroad, onion, sweet chili, cabbage, rice, fruit juices, among others.
While those that went down in price were gasoline, mobile phones, new cars, coffee, oil and air tickets, among others.
Costa Rica closed 2022 with inflation of 7.88%, the highest in a decade, but during 2023 the indicator fell to close in negative numbers.
This article has been translated from the original which first appeared in El Mundo