Ecuador: inflation reaches levels not seen since 2014

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This Friday, the National Institute of Statistics and Censuses (INEC) of Ecuador revealed that in January 2022 inflation in that country rose 0.72%, after the 0.07% registered in December 2021. This is the highest variation of the monthly indicator since 2014.

“In January 2022, the Consumer Price Index stood at 107.02. With this, monthly inflation is 0.72%, compared to the previous month, which was 0.07%, while in January 2021 it was 0.12%," the report said. Read more in international economic news .

A rise that was explained by the increase in three divisions : food and non-alcoholic beverages (0.4226%); furniture, articles for the home and for the ordinary maintenance of the home (0.1220%); and, miscellaneous goods and services (0.0509%).

The first was driven mainly by the monthly inflation of oranges (44.62%), coriander (26.66%), corn (19.91%) and peas (17.8%). For its part, the division of furniture, articles for the home and for ordinary maintenance was driven by domestic services, mattresses, and chlorine and disinfectant. With regard to various goods and services, the products that registered the highest inflation were deodorant (6.13%), health insurance (2.72%), toothpaste (2.37%), sanitary napkins (2 .28%) and shampoo (2.05%).

Regarding the annual variation in January, the Ecuadorian entity reported that it was 2.56%, being the highest annual variation since 2016, when it was 3.09%. In December 2021 it was 1.94% and in January 2021 it was -1.04%. “Inflation accumulated in January 2022 was 0.72%; the previous month was 1.94%; and, that of January 2021 was 0.12%”, added the INEC.

The INEC indicated that food inflation was above that of other goods so far last year. “Food constitutes 32.03% of the products in the IPC basket and represents 22.45% of the weight of the index. This division is sensitive to changes in prices due to climatic phenomena, seasonal production, among others,” reported the INEC.

The report highlighted that in January 2022 “ the cost of the Basic Family Basket (CFB) was US$724.39 , while the monthly family income of a typical household was US$793.33, which represents 109 .52% of the cost of the CFB”.

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