Ecuador’s January 2024 inflation rose modestly by 0.13%, up from December 2023’s -0.02% and higher than January 2023’s 0.12%, according to INEC.
This development indicates a continued trend of low inflation in the country.
Yearly, the inflation rate dropped to 1.35%, a significant decrease from January 2023’s 3.12%, aligning with December 2024’s rate.
This demonstrates stability in Ecuador‘s economy over the year.
INEC pinpointed food and non-alcoholic beverages, health, and home maintenance as the main contributors to January’s inflation.
Notably, food inflation rose to 0.38% from January 2023’s 0.08%, marking a noticeable shift.
The basic family basket cost stood at $789.57 in January 2024, showing that average family income now exceeds the basket’s cost by 108.75%. This is a slight increase from December 2023.
Region- and city-wise, coastal areas saw a monthly inflation rate of 0.36%, surpassing the highland areas’ -0.13%.
Annually, coastal cities also had a higher rate of 1.97% compared to highland areas’ 0.67%.
Esmeraldas, Manta, Machala, and Guayaquil see inflation rates surpassing the national average, notably Esmeraldas and Guayaquil.
Ecuador stands out in the Andean Community for its low inflation rate, lower than Bolivia’s 2.12%, Peru’s 3.24%, and Colombia’s 9.28%.
In short, this highlights Ecuador’s effective economic management amidst regional challenges.