Wednesday, May 31, 2023

Is Colombia more expensive or cheaper than other Latin American countries?

The cost of living in Colombia has been reported, since last year, an increase that has responded, in a way, to the increased prices of household items in the basket, especially food.

According to the Department of National Administrative Statistics (Dane), inflation last year closed at 13.12%, the highest in 21 years, according to analysts. This upward trend, despite slight decreases, was maintained until 2023, when it accumulated from February 2022 to the last February and stood at 13.28%..

This situation has caused that in many houses, especially low-income, it has become a challenge to be able to afford food for three days, due to the fact that food prices have led to decisions based on quality and quantity. That is, they are told Colombian families had to bring back their usual food at the time of purchase from the market and in turn chose to replace it with other cheaper ones.It should do the essentials with the same budget.

In the last 12 months accumulated, inflation in Colombia is above 13%. But the projections of the Government and analysts are that from the second half of the year there will be a progressive decrease, which is reflected in the annual behavior. – Photo: Getty Images

Basic products, such as eggs, milk, rice, vegetables (beets and onions) and fruits, had a significant increase in their prices, which made more than one Colombian agree “the salary is not enough”, generally; Those earning the minimum wage ($1,160,000) spend more than 50% of their income on food, according to a study by the Columbia firm Crowe.; This is telling data, especially if one takes into account the 22 million workers in the country, 15.7% earn the minimum and more than 40% receive less than the minimum.

According to the cost of living, this is the average personal and family income in colombia to live comfortably, although with some restrictions.

According to the Cost of Living, this is the average personal and family income in Colombia to live comfortably, although with some restrictions. – Photo: Courtesy: Living Const.

With all the previous context, Living Price has published a list of countries where life is more expensive and cheaper. Colombia is number 164 out of 197 countrieswhich suggests that they are among those with the lowest costs of living globally. According to this order, the cost of living an average Colombian is $ 46 dollars, equivalent to 2 million 546 thousand pesos “which is 1.79 less expensive than the world average”. However, that figure – in terms of income – is not even received from 50% of the employed population of the region.

Although the country’s data can generate controversy, because it shows that not even the smallest in Colombia live with enough dignity; the average monthly cost turns out to be better compared to other Latin American countries such as Mexico, Venezuela, Peru, Brazil and Argentina.where the average citizen must have an income above $600 dollars per month. This therefore means that it is cheaper to live in the country compared to other nobles in the country.

The average salary after taxes in Colombia is 366 dollarswhich is enough to cover living expenses for 0.6 months”, reads the Price of Living website, thereby showing that the tax burden has a significant impact on the cost of living of citizens.

At the Latin American level, the highest cost of living is recorded in Uruguay and Panama ($1,143 dollars), and Chile (1,028 dollars), which are 50, 54 and 66 in the global index. While the five most expensive regions are in their order, they are in their order; Monaco ($3,761), Singapore ($3,280), Cayman Islands ($3,090), Switzerland ($2,604) and the United States ($2,213).

Central de abastos de bogotá corabastos sale of produce sale of food basket family at high price inflation cost of living bogotá february 9, 2022 photo guillermo torres reina / weekly

Danish reports show that among the factors that lead to an increased cost of living in the country, food prices are, not surprisingly, increased by more than 27% by 2022. – Photo: Guillermo Torres / Weekly

Nation World News Desk
Nation World News Desk
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