International Report Finds Costa Rica is 20% More Expensive Than the Rest of Latin America

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    The Costa Rica News (TCRN) – The 20th Annual State of the Nation Report revealed that the cost of living and doing business in Costa Rica is 20% more expensive than average for the rest of Latin America.

    The conclusion was obtained after an international comparison using data from the World Bank. To reach its conclusions, the report measured a range of goods and services by purchasing power parity (PPP).

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    In our country the purchase of goods and services is 20% more expensive than average for Latin America.

    The gap varies from one good or service to another. For example, on telephone services, Costa Rica is 64% lower than the average for the region, but pasta is 44% more expensive.

    Researcher Pamela Jimenez said that the study uses data from 2011, since it is the most recent comprehensive numbers available. However, it excludes Mexico and Chile, as there was no information.

    One hundred dollars is not enough to do the same in Panama than in Costa Rica. Jimenez explained that parity is set to reach a unit and say that 100 units to achieve the same in both countries and determine the adjustment value, according to the exchange rate. The study averaged the basket, related to the Consumer Price Index (CPI).

    Production costs and industry

    The report also conducted an analysis of triggers for production costs, along with the Costa Rican Union of Chambers and Associations of Private Enterprises (Uccaep). The quarterly survey of the subject group included 505 questions for entrepreneurs.

    For entrepreneurs the main trigger is electricity (28% pointed to changes in electricity rates), followed by increases in fuel (19%) and finally wages (15%).

    Jimenez, head of the chapter, mentioned that there is another important factor since the country has a strong social and environmental commitment which could increase the costs, while there is a great demand for quality standards on certain products. (Crhoy)

    The Costa Rica News (TCRN)

    San Jose, Costa Rica

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