Inflation year-on-year to May in Panama reaches 1.3%

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By LatAm Reports Staff Writers

The Consumer Price Index (CPI) in Panama experienced 0.3% monthly increases between January and March, from 0.2% in April and -0.2 percent in May.

Year-on-year inflation in May in Panama stood at 1.3 per cent, with a variation of -0.2 per cent compared to the previous month, driven by the cost of transport and goods and services, according to data from the National Institute of Statistics and Census (Inec).

The Consumer Price Index (CPI) in Panama experienced 0.3% monthly increases between January and March, 0.2% in April and -0.2 % in May, to accumulate 0.9% in five months of this 2024, according to statistics released by the Inec on Monday.

Comparing the May indicator with the same month last year, the groups that showed increases were transport (3.2 per cent); miscellaneous goods and services (2.7 per cent); housing, water, electricity and gas (2.5 per cent); restaurants and hotels (2.4 per cent); food and non-alcoholic beverages (0.9 per cent); education (0.7 per cent); alcoholic beverages and tobacco (0.5 per cent); and health (0.3 per cent).

While in the same period the groups of clothing and footwear showed decreases in the CPI, by -2,1 %; furniture, household items and recreation and culture, both with -0.5 %; and communications (-0.3 %).

Comparing the CPI of May with that of the previous month there are decreases in transport, by -1,5 %; and in alcoholic beverages and tobacco; clothing and footwear; housing, water, electricity and gas; and health, all by -0.1 per cent.

The groups that presented monthly CPI increases were food and non-alcoholic beverages by 0.4%; restaurants and hotels by 0.3%; furniture, household items and for the ordinary maintenance of the home; and miscellaneous goods and services, both of 0.1%.

The inflation rate can close at 2.2 percent this year in Panama, according to calculations from the UN Department of Economic and Social Affairs.

Panama’s inflation closed December 2023 with an annual cumulative of 1.5 per cent, bringing the year-on-year to 1.9 per cent, driven by increases in the price of services and education, according to official statistics.

In 2022, the indicator closed with an annual variation of 2.1% and a cumulative variation between January and December of 2.9 %, while the 2021 indicator was 2.6 % and 1.6 %, respectively.

This article has been translated after first appearing in Pan American