Ecuador Internacional

Ecuador Inflation Accelerates in 2014

Consumer-Price Index Quickened to 3.67%, After Rising 2.70% in 2013

The Wall Street Journal - Mercedes Alvaro 09/01/2015

Ecuador’s consumer-price index quickened last year to 3.67%, after increasing 2.70% in 2013, the government said Thursday.

The increase was in line with the latest government forecast. The government of President Rafael Correa had originally estimated an increase of 3.20% in consumer prices for 2014, but it raised that to 3.67% in November.

The National Statistics and Census Institute, or Inec, said Thursday on its website that the CPI rose 1.11% in December versus a 0.18% increase in November and an increase of 0.20% in December of 2013.

The rise in consumer prices last year was led mainly by increases in the food and nonalcoholic beverages sector.

Thanks to high oil prices, Ecuador’s main export product, the economy grew about 5% between 2007 and 2013, but analysts say the economy has reached a limit of its current growth model amid declining oil prices.

For 2015, the government expects an inflation rate of 3.9% and economic growth of about 4%.

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