Inflation in El Salvador adds its fifth consecutive month above 7%

October 25, 2022

The year-on-year rate of inflation in September in El Salvador stood at approximately 7.5%, with which the Central American country added its fifth consecutive month with this index above 7%, according to figures from the Central Reserve Bank (BCR) consulted this Wednesday by EFE.

The BCR’s online records, which account for inflation since 2010, indicate that inflation in September alone was 0.25% and that accumulated in 2022 reached 5.72%.

The General Directorate of Statistics and Censuses (Digestyc), dependent on the Ministry of Economy, has not yet published its figures for the consumer price index for September.

The entity pointed out in a bulletin that in August “the increases” in prices in furniture, household items, restaurants and hotels stand out. The institution highlighted that alcoholic beverages and tobacco recorded “the main decrease.”

The Digestyc noted that between August 2022, compared to the same month in 2021, there was an increase of 1.51 percentage points, as the price index went from 3.95% to 5.46%.

He added that this was “motivated by a higher rate of variation in prices in general, which contributes to maintaining a level of inflation relatively higher than that registered in August 2021.”

To try to reduce the effects of the world economic crisis, the Legislative Assembly of El Salvador approved a law to freeze fuel prices.

According to the Legislative Branch, the measure “has allowed a total saving of approximately 293 million dollars to salvadorans.”

Source: Summa Magazine

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