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Inflation grows in Panama


Inflation grows in Panama

Panama City, Feb 24 (Prensa Latina) The Panamanian economy drags an inter-annual inflation of 2,7% between January 2022 and that same month of this year, according to the National Institute of Statistics and Census (INEC).

In that period, the largest increases in the Consumer Price Index (CPI) were recorded in housing, water, electricity and gas with 11,6%; followed by other groups such as food and non-alcoholic beverages (5,3%); restaurants and hotels (4,6); alcoholic beverages and tobacco (3,6). Education, miscellaneous goods and services, furniture, household goods and transportation also increased 0,1%. While health, clothing and footwear, communications, as well as recreation and culture reflected decreases.

Inflation in January 2023 with respect to December 2022 increased by 0,9%, according to INEC’s report.

The groups that reflected a higher increase at the beginning of the year compared to the end of 2022 were housing, water, electricity and gas.

In the case of electricity, consumers registered a 39,6% increase due to the end of the extraordinary subsidy to the electricity rate imputable to the Covid-19 pandemic, a benefit that was applied to households with a consumption of up to 300 kilowatts per hour.

The transportation group was also more impacted by the increase in air fares, which rose up to 18,5%, the study adds.


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