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2005 Inflation Was 14%
Did you feel that 2005 was
an expensive year? Well, the
figures are in and you were
absolutely right. Costa Rica
finished the year with the
second highest inflation rate in
Latin America.
Inflation for 2005 was 14%,
second only to Venezuela and
higher that predictions by the
Central Bank (Banco Central de
Costa Rica - BCCR).
According to economists,
petroleum based products
(gasoline) was the main
contributing factor to the high
inflation, added to the losses
by the BCCR and the "mini"
devaluations of the colon to the
U.S. dollar.
What the figure means that a you
needed ¢114 colones in 2005 to
purchase the same as ¢100
colones in 2004. For the average
Costa Rican family the inflation
rate means a step back as
salaries did not keep up
inflation.
In contrast, the Latin American
countries with lowest inflation
rate were Perú and México.
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