Ecuador Inflation May 2022

Consumer prices increased 0.56% over the previous month in May, slowing down from April’s 0.59% increase. The cooling of price pressures was primarily driven by a slower rise in prices for transportation. Moreover, prices for restaurants and hotels grew at a more subdued pace.

Inflation came in at 3.4% in May, which was up from April’s 2.9%. May’s figure was the highest inflation rate since November 2015. Annual average inflation rose to 1.8% in May (April: 1.4%).

Our panel sees inflation ending 2022 at 7.7%, which is up 1.1 percentage points from last month’s forecast, and 2023 at 4.3%.

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