The National Institute of Development Information (inside) reported that the basic basket in Nicaragua maintains its price. In February 2023, the family basket reached 19,018.82 córdobas, an amount slightly less than the 19,023.13 córdobas reported in January, which reflects a decrease of just four córdobas and 31 cents.
The food basket has maintained a growing trend, while the purchasing power of Nicaraguans each day remains static or decreases. Currently, salaries that range between 4,723.95 córdobas and a maximum of 10,571.78 córdobas are not enough to even purchase the food component that includes 23 products, the cost of which is 13,545.93 córdobas.
Among the products that showed the most upward trend are beef, specifically the post, which is positioned as the least accessible, being up to 140.60 córdobas per pound. If a family consumes eight pounds of meat per month, it would cost around 1,124.80. The pig post registers a cost of 89.42 cordobas, in such a way that if five pounds a month are purchased, a family would be spending 447 cordobas a month. As for the chicken, the pound costs 57.06 córdobas.
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Another product that has become more expensive is cheese. This food reached 125.34 córdobas in February. In addition, articles for household use, clothing, footwear, electricity and butane gas, and housing rent reached 5,472.89 córdobas.
All these prices are in accordance with the Inide study, however, prices may vary depending on the department of Nicaragua or the business where the purchases are made.
The National Minimum Wage Commission agreed to increase 10% of salaries to 9 economic sectors, three percentage points more compared to last year, which was 7%. In the case of industry, subject to a special regime such as free zone industries, the increase will be 8%.
With the new adjustment to the minimum wage in 2023, the agricultural sector will continue to have the lowest salary in the country, which will be 5,196.34 córdobas, while the construction, financial and insurance establishments sector will have the highest, which will be 11,628.95 córdobas.
For its part, the fishing sector will quote a minimum salary of 7,901.21 córdobas, the mining and quarrying sector of 9,332.44 and the manufacturing industry 6,987.06. Likewise, the salary for the micro and small national craft and tourist industry will experience a new minimum wage of 5,474.77 córdobas, community, social and personal services at 7,284.71 and central and municipal government at 6,480.04.
Despite the fact that the salary adjustment of this 2023 is higher than in other years, it is still insufficient to cover the cost of the basic basket in Nicaragua, which currently already reaches 19,018.82 córdobas, that is, its cost exceeds three times more than the minimum wage of the country.