Macroeconomic Forecast Costa Rica

Inflation has been moderating throughout Q211, staying within the central bank's range of 5% +/-1%, coming in at 4.8% y-o-y in May. While food price spikes have been pushing up inflation across the regional over first half of the year, our Commodities team expects these pressures to cool in H211, as well as anticipating oil costs to ease a little too, which should reduce inflationary pressures over the second half of the year. Accordingly, we hold to our forecast of inflation to reach 5.5% by end-2011.

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