Costa Rica continues tightening with 100bp increase

Central bank cites concerns about rising inflation expectations and second-round effects

The Central Bank of Costa Rica
The Central Bank of Costa Rica
Rachael King

Costa Rica’s central bank board raised its policy rate by 100 basis points on September 14, to 8.5%, in its seventh consecutive increase since December.

In total, the Central Bank of Costa Rica (BCCR) has upped the reference rate by 775 basis points from its pandemic low. The seven-member BCCR board cited above-target inflation and rising expectations as reasons for the hike in its press release.

Headline inflation reached 12.1%, year on year, in August, up from 11.5%, while core inflation

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