Inflation Panama 2023
Average inflation: 1.5%
Inflation in 2023
Inflation is low at 1.5%, below the ECB target of 2%.
Peak and Trough
The highest inflation was in January at 2.7%. The lowest inflation was in June at -0.6%.
- Highest month
- January: 2.7%
- Lowest month
- June: -0.6%
- Difference
- 3.3 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Energy with an average of 10.4%. The lowest price increase was in Food with an average of 3.4%.
- Highest increase
- Energy: 10.4%
- Lowest increase
- Food: 3.4%
Historical Context
Inflation is 0.7 percentage points higher than the 5-year average of 0.8%.
- 5-year average
- 0.8%
- 10-year average
- 0.9%
- All-time high (2008)
- 8.8%
- All-time low (2020)
- -1.5%
Trend
Over the period 2021-2023, inflation has remained relatively stable. Compared to 2022, inflation has fallen by 1.4 percentage points.
- Change vs. previous year
- -1.4 percentage points
- Largest monthly swing
- June: -5.8 percentage points
ECB Target
Inflation is 0.5 percentage points below the ECB target of 2.0%. Too low inflation may indicate economic weakness.
Purchasing Power
At this inflation rate, purchasing power gradually decreases. The impact on daily expenses is relatively limited.
What you could buy for PAB 100 this year will cost approximately PAB 101.50 next year at this inflation rate.
Multi-year trend
Monthly figures 2023
Month overview
| Month | Inflation | Difference vs. 2022 |
|---|---|---|
| January | 2.7% | +0.1 |
| February | 2.0% | -0.7 |
| March | 1.3% | -1.9 |
| April | 1.0% | -2.7 |
| May | 0.4% | -3.8 |
| June | -0.6% | -5.8 |
| July | 0.6% | -2.9 |
| August | 2.2% | +0.1 |
| September | 2.3% | +0.4 |
| October | 2.1% | +0.4 |
| November | 2.0% | +0.5 |
| December | 1.9% | -0.2 |
| Average | 1.5% |
Data source
Data from WorldBank. Last updated: 06/01/2026.