The basic family basket closed in May 2024 at USD 799.73, this is an increase of USD 33 compared to May 2023, according to the INEC.
Annual inflation in May 2024 closed at 2.53%, which represents an increase of 0.56 percentage points compared to inflation in May 2023, when it was 1.97%, according to the National Institute of Statistics and Censuses (INEC) However, it is a lower value than in April 2024, when the indicator reached 2.75%. In that month, the Value Added Tax (VAT) rose from 12% to 15%.
Meanwhile, monthly inflation, that is, the price variation in the last month, was -0.12% in May. This is a decrease compared to May 2023, when the monthly variation was 0.09%. Equally lower, it is lower than April 2024, when monthly inflation rose to 1.97%, after the VAT increase.
For May 2024, the group of products subject to VAT shows a monthly price variation of -0.04%. In the previous month, this variation was 2.10%.
Family basket
The basic family basket closed at USD 799.73 in May 2024. This is an increase of USD 33 compared to May 2023.
Compared to April 2024, the basic family basket, made up of 75 products, also increased by USD 2.04. Within the group of cities evaluated by INEC each month, Cuenca is the city with the highest basic basket, with a value of USD 832, followed by Manta, with USD 831.77.
By: PRIMICIAS