The country governed by Nicolas Maduro managed to moderate the price increase and drill 200%, unlike the Argentina, which exceeded that figure and it is expected that this trend will continue for the first months of the year. Likewise, when the inflation of The Libanoour country could be first in the world ranking.
In the region’s ranking, it came second Venezuela with an inflation of 189.8% in 2023, according to the central bank of that country.
Latin American countries struggled in 2023 to lower inflation and many of them achieved it. Such is the case of Colombia, which managed to drill double digits in December of last year.
Inflation in Latin America: which one registered deflation?
During 2023, the only country that ended with deflation was Costa Rica, with a price drop of 1.77%.
“The CPI increased 0.01% in December, however, It is the first time since 2015 that the year closes with a negative interannual variation“, reported the National Institute of Statistics and Censuses of the Republic of Costa Rica (INEC).
Inflation in Latin America: how did the most important economies in the region fare?
Another fact that stood out was that the two most important economies in Latin America, Mexico and Brazilmanaged to finish with a price increase below 5% last year.
“The country’s inflation was 0.56% in Decemberwith which the CPI closed 2023 with a cumulative increase of 4.62%“, reported the Brazilian Institute of Geography and Statistics (IBGE).
Meanwhile, the inflation of Mexicowhich is the second most important economy in the region, marked 4.66% in 2023.
Inflation in Latin America: how did the remaining countries fare?
Likewise, there were four countries in the region in which inflation suffered minimal movements throughout 2023: The Savior (+1.2%); Ecuador (+1.4%); Panama (+2%); and Bolivia (+2.1%).
Meanwhile, in the other countries inflation varied between 3% and 9.5%:
- Peru: 3.24%
- Dominican Republic: 3.57%
- Paraguay: 3.7%
- Chile: 3.9%
- Guatemala: 4.18%
- Uruguay: 5.11%
- Honduras: 5.19%
- Nicaragua: 5.65%
- Colombia: 9.28%
Source: Ambito
