Basic food basket up 6.1%, inflation 4.1% – more to come

THE BASIC food basket in Panama jumped 6% in the month of June and inflation climbed 4.1% according to the Ministry of Economy and Finance (MEF).

The cost of basic food commodities for a Panamanian family of four reached $330.07, an increase of $19.21 when compared to the same month in 2012, when it was $310.86.

Eight of the ten food groups – fruits, dairy, cereals, meat, miscellaneous, fats, legumes and chicken eggs, which form the basic basket showed increases from one to 58 cents.
This comes at a time when the increase in the cost of food is the main concern of the majority of working Panamanians , according to the latest survey by Ipsos for La Estrella.
Examples of the main food increases are: of pork chops 19 cents a pound and rice, a staple of most Panamanian diets 54 cents. In June 2012, the same products had increases of 15 cents and 54 cents respectively.
Economist John Jované, puts rising commodity prices down to rising increases and food we import.
It leaves out the local factor: speculation. Jované said that 'consumers buy products up to three times more expensive than their original cost."
Pedro Acosta, president of the National Union of Consumers and Users of the Republic of Panama (Uncurepa) said that the basket will continue to increase because “When we stop being a producer to become an importer that makes us dependent on food prices worldwide.”
According to the Consumer Price Index, inflation also rose 4. 1% relative to the price in July 2012