The fast-rising inflation that characterized most of 2008 has continued to fall since its high six months ago, bringing the monthly inflation rate to nearly half of April's 10-year average, according to a report released Tuesday by the National Statistics and Census Institute (INEC).

The Consumer Price Index rose 11.75 percent since May of last year, falling from a high of 16.3 percent yearly change in November, according to the INEC report. April's monthly increase was 0.33 percent.

The report indicated that the prices for luxury goods, like alcoholic beverages and tobacco, rose most significantly in April, a 3 percent increase; prices for necessities like food and non-alcoholic beverages actually dropped about 0.46 percent.

While inflation has been slowing, the yearly price increase of 11.75 percent the report cited is actually slightly above par – the third highest in the past decade. The number accentuates just how high inflation was throughout 2008, since the past five months have logged price inflation far below average.

Prices for gasoline rose 6.4 percent, while the cost of electricity rose 1.6 percent, the INEC reported.

The investigations of a national sea turtle conservation group has helped lead to a U.S. embargo on all Costa Rican shrimp.

The U.S. Department of State's Bureau of Oceans, Environment and Science announced it has stopped importing Costa Rican shrimp, effective May 1.

The Marine Turtle Restoration Program (PRETOMA) spent a year investigating the practices of Costa Rica's shrimp fishermen and determined that boats and nets lacked effective Turtle Excluder Devices (TED) – devices that keep turtles and other large marine life from being trapped in shrimp nets. PRETOMA submitted its findings to the State Department, which imposed the embargo.

Costa Rican law requires all nets to have the devices but PRETOMA spokesman Andy Bystrom said the Costa Rican Fisheries Institute (INCOPESCA) does not enforce the policy.

“It's the 64,000 dollar question,” Bystrom said of INCOPESCA's lack of enforcement. “Their institution is set up to do one thing – adhere to legal fishing policies – but they aren't doing it.”

From 2004 through 2008, the fisheries authorities recorded 29 TED violations, all of which went unpunished.

Bystrom said the U.S. law requires shrimp fisherman to use TED devices, and the United States refuses to do business with countries that do not enforce the policy.

The embargo will last until May 1, 2010 when officials from the U.S. State Department will reevaluate the situation of TEDs on Costa Rica's shrimp boats to determine if the embargo can be lifted.

Rain isn't the only thing coming down this season. Experts with the Central American office of the International Labor Organization (ILO) are projecting the number of available jobs to plunge during the second half of 2009.

Pointing to the international economic crisis as the culprit, they say a half million people could join the unemployment lines in the coming months and unemployment rates could rise from 6 percent in 2008 to 9 percent in 2009.

In Costa Rica alone, unemployment is expected to increase to 7.9 percent (from 4.9 percent, which was last reported in July 2008), giving Costa Rica the highest rate of unemployment among its Central American neighbors.

Employees who work in retail, food, hotels, manufacturing and construction are most at risk of losing their jobs, according to the report released this week in recognition of the ILO's 90th year anniversary (40th for the offices in Costa Rica.)

Taking no time to dwell on the numbers, the regional director of the organization, Jean Maninat, told local leaders at a press conference in San José on Wednesday that countries can take measures to reverse the projections and should do so to ensure the recession doesn't leave a lasting impression.

“The generation and preservation of jobs is essential in order to surmount this crisis, to (increase) consumption and to stimulate production,” he said in a statement.

Countries can increase jobs by facilitating access to credit for entrepreneurs, encouraging infrastructure work, stimulating investment in clean energy, among others, he said.

Leonardo Ferreira, a specialist for the ILO, said, “The crisis presents an opportunity to practice productive answers that allow (countries) to generate jobs and decent work. It is important that the strategies not only aim to minimize the effects of the crisis, but also drive countries to become more economically developed, more equitable and more stable.”

The global economic downturn could have a silver lining for Nicaragua's tourism industry, according to Tourism Minister Mario Salinas.

Competitive prices, geographic location, high levels of citizen security and abundant tourism offerings make the country an affordable and attractive vacation destination in times of economic difficulty, he said.

“The crisis could be an advantage for Nicaragua, and that could explain some of the results we're seeing so far,” Salinas told The Nica Times during an exclusive interview last week.

During the first two months of 2009 tourism grew 10 percent before dipping in March to close the first quarter up 4 percent from last year. In addition, $62 million in new tourism projects were approved in the first three months of the year – almost triple the amount of tourism development projects approved during all of 2008.

See the May 8 Nica Times Special Tourism Edition for the exclusive interview with Tourism Minister Mario Salinas.