Costa Rica inflation soars above govt target

SAN JOSE, Costa Rica, Sept 2 (Reuters) - Costa Rica's inflation rate rose to 15.4 percent in the last 12 months through August, the government statistics agency said on Tuesday, driven by a rise in global food and fuel prices.

The 12-month increase in the consumer price index compares to a 8.56 percent rise for the same September to August period a year earlier.

Prices rose 1.79 percent year-on-year in August, more than twice the 0.70 percent rise recorded in August 2007.

"This 15.4 percent is very alarming, it's so high," said Antonio Mora, a spokesman at the national statistics institute, which releases monthly inflation figures.

Rice prices, a major staple in the Central American country, rose as the cost of the grain reached record levels on international markets. Costa Rica only produces about half the rice it consumes.

Transport costs also went up as oil prices reached historic peaks in recent months, Mora said.

The Costa Rican Central Bank raised its 2008 inflation goal from 8 percent to 14 percent at the end of July. (Reporting by John McPhaul; Editing by Christian Wiessner)