Macroeconomic Forecast Panama

Low base effects set in the last two months of 2008, have seen headline consumer price inflation spike to 1.4% year-on-year in November, a considerable spike from the 0.7% y-o-y headline rate recorded in October. We have accordingly adjusted our end-2009 consumer price inflation estimates to 1.9%, from 0.8% previously, as deflationary pressures in December 2008 will likely accentuate the base effects taking hold in November. Going forward we are projecting an average inflation rate of 3.0% y-o-y in

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