Consumer prices increased 0.59% over the previous month in April, picking up from the 0.11% increase recorded in March. The reading was largely driven by increasing prices for transportation. In addition, price pressures for food and non-alcoholic beverages rose at a faster pace.
Inflation edged up to 2.9% in April, following March’s 2.6%. April’s reading was the highest inflation rate since January 2016. Meanwhile, the trend pointed up, with annual average inflation coming in at 1.4% in April (March: 1.0%).
Panelists participating in the LatinFocus Consensus Forecast see inflation ending 2022 at 2.0%, which is up 0.3 percentage points from last month’s estimate. The panel projects inflation to end 2023 at 1.4%.