Panama - Consumer Price Index (CPI)

Panama: Consumer Price Index (CPI)

Mnemonic CPI.IPAN
Unit Index 2013=100, NSA
Adjustments Not Seasonally Adjusted
Monthly 0.04 %
Data Feb 2023 108.9
Jan 2023 108.86

Series Information

Source Instituto Nacional De Estadistica y Censo (INEC)
Release Consumer Price Index
Frequency Monthly
Start Date 7/31/1974
End Date 2/28/2023

Panama: Price

Reference Last Previous Units Frequency
Consumer Price Index (CPI) Feb 2023 108.9 108.86 Index 2013=100, NSA Monthly
Producer Price Index (PPI) 2016 Q4 109.67 108.21 Index 2005=100 Quarterly
Wholesale Price Index 2016 176.5 177.98 1987=100 Annual

Release Information

For Panama, a monthly consumer price index detailed by COICOP.


  • Classification: COICOP
  • Measurements: Fixed-base index relative to 2013 (Index 2013=100)
  • Adjustment: Not seasonally adjusted (NSA)
  • Native frequency: Monthly
  • Start date: 1974m7


  • 2002=100 monthly - 2009* to 2014
  • 1987=100 annual - 

The source writes:

Survey results are useful for economic analysis of the population, especially related to the distribution of income and consumption patterns, as well as inputs required for multiple activities. A following main objectives:

  • Get the weights and the consumption basket used for calculating the Consumer Price Index, as well as the information for the structure of the basic food basket.
  • Provide a comprehensive picture of the family budget, through revenue and expenditure structure of households.
  • Provide basic information to complete or improve estimates related to National Accounts

The weights used to calculate the National Urban Index are based on consumption expenditure of 8,751 households different levels of monthly income investigated in the "Household Income and Expenditure Survey" conducted in districts of Panama and San Miguelito and some urban districts of Columbus, La Chorrera and Arraiján, Penonomé and Aguadulce, Chitre and Las Tablas, Santiago, David and Changuinola in 2007/2008.

Household expenditure: expenditure is defined as the consumption of goods and services made by household members, regardless of the form of acquisition of them.

Consumption criterion: the criterion that measures the consumer is the consumer research whereas acquired through this approach are covered all transactions made in cash and credit, which is defined below:

"Consumption acquired: it is estimated that by recording the total value of goods and services purchased during the reference period, whether have been consumed or paid for the same. "

The quantification of the concept of spending on goods and services consumption households comprised the following items:

  1. Gifts received from people outside the home, the same covers all consumer goods and services
  2. Estimated rental value of occupied housing, as is proper or assigned
  3. Goods and services from wages in kind

Classification of expenditure in the EIGH gathered information on the acquisition for household consumption of goods and services:

  • Housing expenditure
  • Expenditure on Fuel and Power
  • Expenditure in Maintenance & Home Services
  • Expenditures on Furniture, Accessories and Household Goods
  • Expenditures on Clothing and Footwear
  • Expenditures on Health Care and Health Maintenance
  • Expenditures on Goods and Services Recreation and Leisure
  • Education Expenses
  • Expenditures on Transport and Communications
  • Own, self, Payment in kind and gifts received
  • Weekly and Monthly Expenditure on Food and Beverage
  • Other Weekly and Monthly Expenditure on Goods and Services

Household income: is defined as entry into cash and / or species the household receives each of its members on a regular or special. It is considered total household income to all income received by members of the household or home, whatever its origin, basis periods reference set.

Sampling selection

The sampling frame consists of the results of Population Census and Housing, in addition to updating the 1990 census mapping. The sample selection is made after identification of the total units primary. The primary sampling unit was created by joining two or three segments contiguous census, considering that it serves as a sampling unit, because no area is excessively large (has 30 homes on average). Also facilitates identification in the field, while allowing a clear and unique association of housing.

Unit selection: For this study the unit of selection is housing.

Research Unit: consists of all private households in the housing units.

The households surveyed were randomly selected using a stratified probability sampling in two stages, the first of which list selected geographic areas and occupied dwellings, and the second with representation at each of the eight domains of study. The size of the calculated sample was adjusted with a non-response rate of 20%, waiting at the end of the an effective sample survey for the districts of Panama and San Miguelito about

2.000 and 800 completed interviews for each of the selected urban areas of the country

Moody's Analytics supplements

For the 2013-base general index, we back-extend by 40 years using the 2002-base predecessor and IMF. We saesonally adjust using the U.S. Census Bureau's X-13ARIMA-SEATS program.