Macroeconomic Forecast Panama

BMI View: Headline consumer price inflation rose slightly in November, according to most recent data from Panama's national statistics agency, up to 4.3% y-o-y from 4.1% the previous month. We view this rise in prices pressures as symptom of higher global food prices, which places upside pressure on our end-2010 CPI estimate of 4.0%. That said, the tick up is broadly in line with our end-2011 projections, which sees prices increasing 4.9% throughout the course of 2011, primarily on the back of stronger food price inflation.

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