Accumulated inflation in 2014 was 5.13 percent, but the good news is that the trend is down.
The Instituto Nacional de Estadística y Censos computes the change in consumer prices each month using 292 goods and services. The agency said Monday that inflation in December took a dip of nearly a quarter percent compared to November. In fact, the bulk of the inflation, some 4.14 percent took place in the first six months of 2014, the institute said.
In the last six months of the year, the percentage was just 0.94 percent.
Prices are expected to decline in many areas due to the drastic plunge of petroleum prices.
Shoppers may not have noticed the fact, but the institute said that clothing, shoes, alcoholic beverages, cigarettes, transportation, education, communications, household goods and domestic services declined slightly in December. That resulted in a dip of 0.21 percent compared to November, the Institute said.
Increases in the price of fuel earlier in the year caused transportation prices to rise 3.92 percent. This included bus fares, taxi fares, gasoline prices and the acquisition of vehicles, said the agency.
Most manufacturers use gasoline or diesel to some extent if only to move product to market.
For many expats the inflation was offset by an increase in the value of the U.S. dollar earlier in the year.