Costa Rica continues tightening with 100bp increase
Central bank cites concerns about rising inflation expectations and second-round effects
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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