A triple mystery has hovered over the Haitian economy for nearly two years: why is inflation so high while the exchange rate remains relatively stable? What role might the BRH potentially be playing in this inflation? And why does the exchange rate not adjust to reflect the loss of purchasing power of the gourde, as economic theory predicts?

The first question is far from new, yet it remains legitimate. I attempted to provide some elements of an answer about a year ago[1]. However, it is clear that it continues to raise concerns. In a country where roughly half of the average consumption basket is imported, we have developed a reflex whereby we expect prices to rise when the exchange rate increases and to slow when the dollar stabilizes.