The price of the basic basket is increasing in Ecuador, according to figures published by the National Institute of Statistics and Censuses (INEC). In the month of July, the cost to meet basic needs was USD 711.68, compared to a basic salary of USD 400.
The price of the basket is higher than the basic salary with USD311.68, which means that the value is exceeded by 77.92%.
On August 5, the INEC published the figures of the prices of basic necessities, the month of July rose by 0.32% in relation to the month of June. On the other hand, the price of the basic basket in July 2020, during confinement, was USD 713.72.
The economist Betty Silva explained that the cost of the basket rose, and may continue to increase, this is demonstrated by the rise in the price of fuel and transportation.
“The cost of the basket is increasing, and could continue to increase, if we look at the factors that have had the greatest influence in the last month is transportation and the price of gasoline, which has been increasing month by month and we already see the impact.”
In addition, Cuenca is the city where the total cost of basic necessities is highest, with USD 739.24. The price of the products, by region, is distributed as follows:
Coastal Region: USD 667.61
City with the lowest price: Santo Domingo 655.49
City with the highest value: Guayaquil USD 725.43
Sierra Region: USD 725.24
City with the lowest cost: Cuenca USD 739.24.
City with the highest amount: Ambato USD 703.97
The price of the basic basket in the city of Quito is USD 728.93.
In addition, the INEC published data on inflation for July, prices rose 0.53% compared to the previous month; while in July of last year prices fell with a value of -0.61%.
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