Magazine Forbes Central America 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 53 products contained in the basic basket, which is currently around 18 thousand cordobas.
In addition, he reported that Panama is the country with the lowest inflation rate, with 3.5%. The statistics presented by the Central American magazine were taken from the records of the Central Banks of each country in the region.
The data presented by Forbes coincides with the reported by the National Institute of Development Information (Inide), which indicated that inflation in Nicaragua, measured by the interannual variation of the Consumer Price Index (CPI), in the month of July was 11.46%.
The effects of inflation can be felt by Nicaraguans in the cost of living, who need to earn four minimum wages to have what is fair and thus guarantee the products that contain the basic basket, which in July reached 17,842.77 cordobas.
The price of the basic basket at the beginning of the year was 16,529.99 cordobas and currently, it is about to reach 18,000 cordobas, when the minimum wage is around 4,723.95 cordobas per month.
In July, foods such as rice, beans, sugar; meat, dairy and eggs, cereals and perishables reached 12,541.13 thousand córdobas, while items for household use, clothing, footwear, electricity and butane gas, and housing rentals cost 5,301.64, according to Inide data.
With this continuous increase in the basic basket, the 7% increase in minimum wages approved by the National Minimum Wage Commission and which began to be applied on March 1 to workers in nine economic sectors is exceeded.
In addition, workers with basic salaries between 4,723.95 and 10,571.78 córdobas will have difficulty acquiring the 53 products that make up the family basket. The dimension of the blow to consumers’ pockets becomes clearer in the year-on-year comparison.