If the basket of November 2021 (RD$39,785.09) is compared with that of November 2022, in one year it rose RD$3,014.51 (7.5%) according to figures from the Central Bank
The average cost of the Dominican family basket is RD$42,799.60 as of November 2022. This figure increased 5.5%, that is, RD$2,251.68 than in January 2022 when it was RD$40,547.92.
If the basket of November 2021 (RD$39,785.09) is compared with that of November 2022, in one year it rose by 7.5% or RD$3,014.51, according to figures from the central bank.
Currently, this basic family basket consists of 305 items with their due weightings, which represent the relative cost of each of these with respect to total average household spending. Among the groups of products that make it up are food and beverages, clothing and footwear, housing, furniture and household items, health and transportation, among others.
The figures for the cost of the basket are divided by income quintiles and for people in quintile 1, those with the lowest income, it is RD$25,458.00; for those of the 2nd quintile RD$33,215.32; Quintile 3 RD$39,304.32; in quintile 4 RD$45,595.36 and for quintile 5, those with the highest income in the country is RD$70,296.16.
For quintile 1, the basket increased 6.2% from January to November 2022; that of quintile 2 increased 6.1%; that of quintile 3 rose 5.8%; that of quintile 4 increased 5.3% and for quintile 5 it rose 4.9 percent.
The cost of the basic basket has increased in recent years and its average value was RD$33,758.49 in 2018; it rose 3.6% (RD$34,992.80) in 2019; 5.5% (RD$36,936.17) in 2020 and 8.4 percent (RD$40,074.16) in 2021.
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Inflation to November
The Consumer Price Index (CPI) is an indicator to monitor the evolution of the cost of living and it reflects the weighted average of the prices of the most representative items of the basic consumption basket of Dominican households, based on the results of the National Household Income and Expenditure Survey (ENIGH).
The practical utility of the CPI is to estimate the evolution of the average cost of living; and the variation of this indicator in a given reference period is what is called inflation.
As of November 2022, the CPI reflected a variation of 0.47%, after it was 0.28% in October and had three consecutive months below the 0.30 percent threshold.
Accumulated inflation from January to November 2022 is 6.80% and interannual inflation, measured from November 2021 to November 2022, is 7.58%, with a reduction, since it was 8.24% in October.
The Central Bank forecasts that inflation would be around 7 percent at the end of 2022.