Costa Rican Central Bank ups 2008 inflation goal to 14 percent

August 1, 2008

Pointing to “external shocks” and an increase in the colón-dollar exchange rate, the Central Bank revised its projections for year-end inflation, moving its target from 8 percent to 14 percent.

The rising price of imported goods, such as basic grains and petroleum, was directly linked to spiking prices in the first half of 2008, according to the Central Bank.

While exports grew by 6.5 percent in the first half of 2008 compared to 2007, they could not keep pace with a 28.3 percent increase in imports over the same period.

Accrued inflation is already at 6.55 percent for the year, and year-to-year inflation reached 12.82 percent at the end of June.

Despite its 14 percent projection for this year, the Central Bank is shooting to achieve 9 percent inflation for 2009.

You may be interested

Of snow, kindness and Northern Lights: a Costa Rican in Manitoba, Canada
Please Send Coffee!
613 views
Please Send Coffee!
613 views

Of snow, kindness and Northern Lights: a Costa Rican in Manitoba, Canada

Gustavo Díaz Cruz - December 14, 2017

My mom named me Gustavo Adolfo. I was born in Puntarenas, next to the sea, but my home was in…

Response to disaster: aid successes, struggles in post-Maria Puerto Rico
Weather
794 views
Weather
794 views

Response to disaster: aid successes, struggles in post-Maria Puerto Rico

John McPhaul - December 13, 2017

As Costa Rica joins many other nations in looking back upon the horrendous 2017 hurricane season, longtime Tico Times contributor…

Looking back at Hurricane Maria: the initial impact
Weather
1887 views
Weather
1887 views

Looking back at Hurricane Maria: the initial impact

John McPhaul - December 12, 2017

As Costa Rica joins many other nations in looking back upon the devastating 2017 hurricane season, longtime Tico Times contributor…