Panama City ranked as the third most expensive city in Latin America to live in, after Buenos Aires (Argentina) and Montevideo (Uruguay), according to the annual ranking of the ECA International company.
For this measurement, which is done annually, the price of renting a home, the cost of transportation and the price of basic food for living, such as milk and cooking oil, among others, are considered. It also assesses how much rent, utilities and public transportation cost, and how strong the country’s currency is.
This year, Panama rose 10 positions compared to 2021, going from position 117 to 107 globally, the report details. The lower the position, the more expensive the city is.
In the same line, the economist Rolando Gordon, specified that this is not new and is possibly due to inflation and product imports.
“Panama does not have a large production, most of the food comes from abroad. When there is inflation worldwide, Panama always has to import products,” he explained.
He explained that the last calculation of inflation in Panama, until March, was at 3.7%, in the United States it is at 8.3%, after April and May, in Gordon’s opinion, we should be at 4 or 4.5%.
