Source: Department of Labor and Human Resources
Consumer Price Index (CPI) in Puerto Rico for the month of August 2022 reached 130.46, which translates to a 6.5% inflation in prices for all items. Said inflation rates were mainly impulsed by changes in the following industries: Transportation with a 10.8% inflation, Food and Beverages with a 9.6% inflation rate, Other Articles and Services (5.4%), Housing (3.0%), Education and Communication (2.5%), Medical Care (1.7%), and Apparel with a 1.6% rise in its price index.
When seeing changes on a month-to-month basis, we see a 0.2% diminution in August 2022 CPI. Changes in the following industries were mainly responsible for the decrease in the overall CPI: Transportation (-2.5%), Education and Communication (-0.1%), and Apparel (-0.1%). However, its worth noting that industries such as Good and Beverages (1.3%), Other Articles (0.9%), Housing (0.1%), and Entertainment (0.1%), all saw increments in their individual consumer price index.
Inflation rates have continuously risen ever since the COVID-19 pandemic struck the Economy. Nevertheless, August 2022 represents the second decrease in Puerto Rico’s inflation rates. This, in the midst of what seems to be the beginning of a recession, constitutes and alleviation for the pockets of Puerto Rican consumers.