Inflation Expands, Breaks 10-Year Record

November 7, 2008

Prices increased 16.3 percent in the past 12 months, breaking a 10-year inflation record set in September.

Prices for food and nonalcoholic drinks increased by 26.7 percent over the 12 months ending in October, while transportation increased by 20.4 percent, and restaurant food increased by 19.5 percent, according to a monthly report by the National Statistics and Census Institute (INEC).

The institute measures inflation using a basket of 292 goods and services.

In October, 72 percent of the basket’s contents increased in price, while 18 percent decreased and 10 percent stayed the same.

The goods and services that most contributed to an October inflation of 1.04 percent were water, taxi fares, potatoes, tomatoes and the casado, a popular Tico dish that includes rice, meat, beans and salad.

As salaries fail to keep pace with inflation, more Costa Ricans are slipping over the poverty line. An INEC study released late last month showed that 17.7 percent of households were poor in July 2007, up from 16.7 percent 12 months earlier.

During those 12 months, real salaries grew just 0.3 percent for employees of private firms, and they shrunk by 1.2 percent for domestic servants. State employees saw their real wages grow by 4 percent.

–Gillian Gillers

 

Facebook Comments

You may be interested

PeaceJam to host first Youth Summit in Costa Rica
Peace Talks
457 views
Peace Talks
457 views

PeaceJam to host first Youth Summit in Costa Rica

Alejandro Zúñiga - October 19, 2018

Nobel Peace Laureate Jody Williams will headline the first PeaceJam Youth Summit in Costa Rica next month. The event, scheduled…

The energy of sound
Pic of the Day
461 views
Pic of the Day
461 views

The energy of sound

Alissa Grosskopf - October 19, 2018

“Sound is vibration, vibration is energy and that energy is light,” said Costa Rican musician Carlos "Tapado" Vargas. Apart from…

Human rights defender Alvaro Leiva: ‘There is a permanent darkness in Nicaragua’
Nicaragua
829 views
Nicaragua
829 views

Human rights defender Alvaro Leiva: ‘There is a permanent darkness in Nicaragua’

Katherine Stanley - October 19, 2018

When Alvaro Leiva took the stage at a recent fundraiser for Nicaraguan refugees and immigrants in Costa Rica, all eyes…