The price of the basic basket reached 18,000 cordobas in August 2022, according to the latest report from the National Institute of Development Information (INDE). In the first eight months of the year, the 53 products that make up the basic basket of Nicaraguans have increased by 1,470.55 cordobas.
The family basket reached 18,000.54 cordobas in August, an increase of 157.77 cordobas compared to July when the cost was 17,842.77 cordobas. If compared to the price of August 2021, when it reached 15,270.59 cordobas, the increase is 2,729.95 cordobas this year.
Related news: Nicaragua’s basic food basket increased by more than 950 cordobas in the first four months of 2022
Currently the purchasing power of Nicaraguans is reduced every day. Salaries that range between 4,723.95 cordobas and a maximum of 10,571.78 cordobas, which are not enough to purchase even the food component that includes 23 products, whose cost is 12,661.12 cordobas.
The economist and political analyst Óscar René Vargas has referred in his blog about the economy that the rise in food prices will have its most severe impact on vulnerable households. “The poorest population currently suffers the highest cost due to inflation. We see that income poverty is growing more », he assures.
According to him report According to INIDE, beef is priced at 133 cordobas per pound. If a family consumes eight pounds of meat per month, it would spend around 1,067. The pig post registers a price of 86 córdobas, in such a way that if eight pounds are bought per month, a family would be spending 431 córdobas per month. As for chicken, the pound costs 50 cordobas.
Essential foods in the Nicaraguan diet such as beans and cheese maintain a high price. In July and August a pound of beans remains above 26 cordobas and this time the cheese reaches almost 90 cordobas per pound. All these prices are according to the INIDE study, however, prices may vary depending on the department of Nicaragua or the business where the purchases are made.
Related news: Nicaragua registers 11.5% inflation in July, the highest in Central America
On the other hand, products for family use, which are included in the family basket, amount to 3,451.93 cordobas, about 15.13 cordobas more than in the month of July when they cost 3,436.80 cordobas.
Since January 24 of this year, the National Institute for Consumer Defense (INDEC) sent a letter addressed to the head of the Ministry of Development, Industry and Commerce (MIFIC), in which they requested that 10 of the 53 products that make up the basic basket. In mid-April they presented the proposal again with the addition of maintaining the 25% subsidy to the electricity service rate, there are still no answers.
On August 18, Forbes Central America magazine revealed that Nicaragua reached the highest inflation rate in the region during July 2022 with 11.5%, a figure that translates as the loss of purchasing power of Nicaraguans to buy the products it contains. the basic basket.
