Inflation in Panama Decreases in October

Inflation in Panama recorded a monthly variation of -0.02% in October, dragged down by falling prices in sectors such as restaurant and hotel services or household maintenance, the National Institute of Statistics and Census (Inec) reported this Friday. The inflation rate in Panama closed 2024 with an accumulated annual rate of 0.7% and a year-on-year rate of -0.2%, due to the drop in prices of communications, clothing and footwear, and health, according to the state statistical body. In 2023, the inflation rate closed with an accumulated rate of 1.5% and a year-on-year rate of 1.9%, while in 2022 they were 2.1% and 2.9%, respectively. According to International Monetary Fund (IMF) forecasts, Panama will close this year with an inflation rate of -0.1%. Regarding the -0.02% variation in October, compared to the previous month, the statistical body points out that it is the result of falling prices in the restaurant and accommodation services group (-0.7%); furniture, household equipment and routine household maintenance (-0.4%); clothing and footwear; and information and communication, both at -0.3%; health; and transport, both (-0.1%). In its comment on the consumer price index (CPI) for October, Inec does not specify the year-on-year inflation rate nor the accumulated rate so far this year. On the other hand, the groups that presented growth in prices were personal care, social protection and goods and services various at 0.6%; food and non-alcoholic beverages (0.3%); and alcoholic beverages and tobacco (0.1%). The divisions of educational services; and insurance and financial services, did not show price variation, said Inec.