Since July 2015, with the exception of the month of October, there have been consecutive increases in the cost of the basic family shopping basket of food, according to reports from the Ministry of Economy and Finance (MEF).
In January 2015, the cost of the food basic basket was $299.31; however, in February 2016 the cost increased to $305.39. I.e. an increase of $6.08, compared with last year.
According to the latest report of the MEF, the cost of the food basic basket in the districts of Panama and San Miguelito amounted to $305.39 in February, $1.27 or 0.4 percent more than in the month of January, while in the rest of the country it was $279.20, also with an increase of $0.35 or 0.1% than in the previous month.
In this case the increase was reflected in 8 of the 10 groups of foods that make up the food basic basket such as meat, cereals, vegetables, legumes, fats, dairy, eggs, chicken and sugar.
In total, 35 food went up in price; 22, down and two did not experience any price variation. Only in the groups of fruits and miscellaneous the caloric cost decreased.
In the majority of the reports, the MEF attributed the increase in the price paid by the consumer to the climatic conditions that are affecting the agricultural activity in the country; higher transaction costs for the importation of products, among others.
The main increases occurred in yucca, garlic, white sea bass, yam, lentil, national tomato and orange.
The specialists consulted as well as other Panamanians agree that the price of the food basic basket is going to continue to rise in the coming months.
According to Dichter & Neira survey, 74% of Panamanians considered that the cost of the basic basket in the current Administration has risen, while 79% think that the cost of living has risen compared with previous years.
Economist Juan Jované points out that the prices of the food basic basket will continue to grow.
In his view, what happens is that products included in the price control law were very limited in number and of lower quality.
"Sooner or later the rest of the products that were not controlled will continue to rise in price as it is currently happening", said the economist.
Jované´s explanation is based on the fact that the decrease which had taken place when the control of prices started was a "methodological decrease" that gave the illusion or impression of decrease.
He explained that as products like bass fish which were more expensive are excluded and substituted for by tuna fish that costs less and as the number of people that make up a regular family is lowered, the overall cost also lowered due to the effect of this methodology.
The modification of the structure to measure the cost of the basic basket occurred after January 2015, then, the MEF made the cost of the food basic basket to go from $321.65 $300.04.
Consumers´ associations say that the price control measure has failed to reduce the cost of food, but on the contrary, it increased other products like basic home cleaning and personal hygiene products.
This was verified through a monitoring carried out by the Authority of Protection to the Consumer and Preservation of Competition from January 2015 to February of this year.
The results indicate that the increases occurred in toothpaste, toilet paper, soap, sanitary towel, shampoo, deodorant, disinfectant, soap bar and dishwasher.
The report shows that 200 ml shampoo bottle costing $3.81 before now costs $4.28, while a toothpaste tube that formerly had a price of $2.42, now has a cost of $2.72.
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