Inflation still Growing but Slowing

Inflation still Growing but Slowing

inflationThe October Consumer Price Index (CPI) resumed the downward trend that started in July based on the information provided by the National Institute of Statistics and Census (INEC).

In Oct. 2013, the inflation recorded a variation of 4.11%, the lowest of the year. In September, the annual growth was 5.37%. The change only the month of October was -0.76%.

Earlier this year, the increase of inflation worried the Central Bank since the rate surpassed the target range of between 4% and 6%. In February, the annual change in inflation was 6.52%, the highest registered in 2013.

The increases in state-regulated prices were identified as responsible for the higher growth rate in the CPI.

Between July and September the annual increase of regulated prices index shows a downward trend. In July the percentage was 14.26% while in September there was a 11.68%.

Despite the slowdown, both percentages are above those seen in 2012.

There is not any data for regulated prices to October; however some of the major categories of goods movement for the month correspond to utility rates. Public transportation prices recorded a monthly increase of 0.88% , while electricity service reported a decline of 16.46% and 3.47% for gasoline.

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