A family of four should spend at least $ 323.67 monthly only in food, clothing and mobilization. The most expensive city is Cuenca.
the scale of price increase in the Ecuadorian economy, as is the case worldwide, it continued its march during February 2022. According to the latest report from the National Institute of Statistics and Censuses (INEC), cut to that month, annual inflation reached 2.71%.
The sectors with the greatest increases are transportation and food. Until December 2021, the Basic Family Basket (CBF) was $719.65 a month. Now that same basket It has a cost of $725.16; that is, in the first months of 2022 there has been an increase of $5.51.
This increase means that a family of four needs at least $5.51 more each month to buy the same as at the end of last year.
However, when compared to what happened in the oil boom during the Rafael Correa government, the current increase is still less than the maximum reached in the last 14 years.
Thus, if December 2009 is compared with February 2010, the CBF became $6.58 more expensive; In the case of the comparison between December 2010 and February 2011, the increase was $6.53.
The big difference now, according to Andrés Morales, an economist, is the economic imbalance left by the pandemic is added to the blow of the war between Russia and Ukraine. For months, the prices of oil and gasoline, agricultural products such as corn and wheat have been increasing; in addition to inputs such as manure and fertilizers.
«In countries of the European Union such as Spain, the inflation it already exceeded 7% in February 2022, despite the fact that the full impact of the war has not yet been felt. For Ecuador, during this year, an escalation of prices up to 4%,” he said.
The highest levels of inflation of the last 14 years were recorded between 2008 and 2012, with percentages between 4.47% and 8.39%.
More than 40% of spending on food and transportation
According to the INEC, a family of four must spend at least $237.42 a month on a set of basic foods. Add to that about $49.7 in clothing; and $36.56 in transportation. Those three elements alone represent just over 44% of the cost of the Basic Family Basket (CBF).
If the monthly $107.10 in health is added, only in four aspects a total of $430.78 is spent, that is, almost 60% of the CBF.
Lucía Rivas, an economist, explained that the INEC prepares this basket with assumptions that have not been updated for more than 10 years, so they do not accurately represent the current reality.
“Minimal amounts of fruits, vegetables, meats, among others, are taken into account. The last population census was done in 2010. Ecuador is a low-income country and a middle class hit by the pandemic. Consumption patterns are no longer the same », he limited.
Four cities exceed the national inflation level
With a cut to February 2022, Cuenca registers an annual inflation of 3.54%, followed by Santo Domingo with 3.39%, Guayaquil with 2.99%, and Quito with 2.82%. In these four cities the increase in the level of prices it is greater than 2.71% at the national level.
However, not all cities with the highest levels of inflation they have are among the most expensive in relation to Basic Family Basket (CBF).
Cuenca has the most expensive CBF with $753.63 per month ($28.47 more than the country average). In second place is Manta with $749.86 ($24.7 more than the country average). In third place, Guayaquil reached a CBF cost of $746.55 ($21.39 more than the country average).
In the case of Quito, the CFB is at $742.15; and Santo Domingo, despite the high levels of inflation in the last measurement, it is positioned as the cheapest city with $661.23 of CFB.
The cities with the least inflation of the country are Machala with 1.16% and Esmeraldas with 1.70%. (JS)
FACT.- The highest levels of inflation of the last 14 years were registered between 2008 and 2012, with percentages between 4.47% and 8.39%.
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