He the monthly rate of price growth (inflation) in February 2023 was low at the national level. Came 0.02%, the National Institute of Statistics and Census (INEC) reported today. Meanwhile, annual price inflation for February 2023 compared to February 2022 reached 2.90%. As a reference, in February 2022 it was 2.71%. The price index was higher on the coast than in the Sierra.

INEC also listed the products that contributed the most to this slight increase. Of the 12 existing production divisions, three divisions were separated on a monthly basis.

In the first item of Transport, One of the products that stands out the most is the price airline tickets, and then tires.

As goods and services highlight shampoo and haircut as those who climbed the most.

Finally, in recreation and culture are tickets for sports stadiums and package deals.

In addition, the cost of The basic family basket (CFB) was USD 767.11, while the typical household’s monthly family income was $840.00, representing 109.50% of CFB costs, according to the Institute.

In addition, INEC provided data on inflation behavior by city. The five cities with the fastest price growth are Guayaquil (0.19%), Cuenca (0.19%), Machala (0.18%), Ambato (0.18%) and Manta (0.8%). On the other side of the coin, the cities with the lowest inflation are Quito, with -0.20%, Esmeraldas with 0.21%.

Generally in Inflation was 0.11% on the Coast and -0.08% in the Sierra, as reported by the technical body.

Ecuador, as a dollarized country, has controlled inflation, unlike what happens in countries where there is their own currency and which decided to issue money, which generated currency devaluation and thus inflation. Thus, according to the INEC report, when comparing with neighboring countries, in January 2023 (the latest available comparable data), it can be seen that e.g. Bolivia had annual inflation of 3.12%, Ecuador 3.14%, Peru 8.66% and Colombia 13.25%.