LatinNews Daily - 23 May 2022

In brief: Costa Rica’s Chaves tackles high fuel prices

*Costa Rica’s new president, Rodrigo Chaves, has announced four measures to address high fuel prices which have soared due to the war in Ukraine. The measures include plans for Costa Rica’s public services regulatory authority (Aresep) to apply a new methodology for calculating fuel prices, with the savings to be passed on to consumers, and the elimination of subsidies for asphalt which currently benefit construction companies and were established under the Partido Acción Ciudadana (PAC) administration led by former president Luis Guillermo Solís (2014-2018). Chaves also said he was analysing the possibility of obtaining a US$200m loan from the Central American development bank (BCIE) to help reduce costs for bus users through promoting electronic payment. He also said that he would revoke a decree issued under the previous government requiring vehicles to meet Euro 6 emission standards by 1 January 2023. His announcement comes as monthly inflation for April was 1.58% bringing year-on-year inflation to 7.15%, the highest year-on-year rate of the past decade.

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