Thursday, March 12, 2009

Cost of Living is Up

According to data from the National Statistics Institute (INE), the cost of living in February of this year stood at 6.5 percent, compared to the same month last year.

Products overall showed a general increase of 6.5 percent and this is the first time that this economic indicator is within the target range projected by the Bank of Guatemala, 4.5 to 6.5 percent, although right at the upper limit of the range.

Food rose much higher than the average. The "canasta basica" or basic food basket, which is the minimum that a family of five people needs to subsist for a month, stood at 1,978.10, an increase of 17.94 percent compared to February 2008.

The monthly "canasta básica vital", which includes transportation and clothing, was valued at Q3,609.58.

The minimum wage in rural areas and the in the city is Q1,831.66.

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