INEC: “2013 closes with 2.7% inflation”

The 2013 had a rate of price growth of 2.70%, ranking as the lowest level of annual inflation for the last eight years, as reported by the National Institute of Statistics and Census (INEC for its Spanish acronym).

However, according to official projections, inflation will rise in 2014, as President Rafael Correa, in his weekly broadcast of last Saturday, said the Consumer Price Index (CPI) this year will be 3,2% with a GDP growth between 4.5% and 5.1%.

The food and soft drinks heading is the largest contributor to monthly growth rates, with 35.26%, then comes the alcoholic beverages and cigarettes, with 22.02%.

2013 closes with 2.7% inflation