2024-03-25 09:55:18
Rice was the product that rose the most in price in February 2024, with a 39% increase in its price in the last year.
Annual inflation closed at 1.43% in February 2024, according to the National Institute of Statistics and Censuses. The price increase was greater compared to January 2024, when the indicator stood at 1.35%.
On the other hand, monthly inflation for February 2024 was 0.09% in February 2024. In this case there was a decrease compared to last January, when it closed at 0.13%.
The product categories that had the most impact on annual inflation were food, health and restaurants. As for products, those that rose the most in price were rice, which increased by 39% in the last year; cilantro, which rose 29%; and banana, with 29%. Cauliflower (25%), spring peas (25%) and broccoli (23%) also rose significantly in price.
VAT is coming
The scenario could continue to rise from April 2024, when the VAT will increase from 12% to 15%. The impact will be for 209 that now have VAT and that are part of the 359 goods and services that make up the basket of goods and services consumed by a typical household and that the National Institute of Statistics and Censuses (INEC) uses to calculate inflation.
Although, the least impacted by a VAT increase will be food. This is because there are 94 foods in this basket that do not have VAT, so consumers will not have to pay more when VAT increases.
These are the foods most consumed by Ecuadorians, among which are: rice, flour, oats, bread, meat, chicken, eggs, milk, sausages, tuna, cheese, oil, fruits, vegetables, legumes, grains, tubers.
On the other hand, only 21 foods, of the 115 that make up the INEC basket of goods and services, now have VAT at 12% and as of April 1 they will increase 15%. That means that the VAT increase will make 18% of the food in this basket more expensive.
Among the foods that have VAT in this basket are: ice cream, cookies, snacks, instant coffee, soft drinks, fruit juices, soft drinks, jellies, dressings, mayonnaise and tomato sauce.
Guayaquil, the most expensive city
In February 2024, the most expensive city was Cuenca, where prices rose the most in the last year. The highest annual inflation was reported in Santo Domingo, with an indicator of 2.51%. It was followed by Esmeraldas with 2.49% and Guayaquil with 2.01%.
Basic basket
The basic basket stood at USD 791.09 in February 2024.
By: PRIMICIAS