The Central Bank of Costa Rica hiked its main rate by 75 basis points on March 14, a faster pace of tightening that reflects growing concerns over inflation.

The hike is the third in a row, and takes the policy rate to 2.5%. The previous two hikes were both of 50bp.

Policy-makers said rising inflationary pressures in Costa Rica were largely due to higher import costs. Global prices had already been rising because of supply-chain shortages, and Russia’s invasion of Ukraine is now likely to add