Cost of Basic Family Basket Rises in Panama

Food prices continue to skyrocket, combined with the fact that income is increasingly tight and insufficient to cover expenses.  According to ACODECO (Authority for Consumer Protection and Defense of Competition), the minimum wage in the isthmus stands at an average of 636.8 dollars per month, while the maximum cost of the Basic Family Food Basket reached 334.8 dollars in May, not including cleaning products, personal care and payment for services such as water, electricity, housing, education or transportation.  

Once everything is added, the income of families with minimum wage is insufficient, as Panamanians spend between 274.8 and 334.8 dollars for the purchase of the basic basket, which is limited to 59 essential products.  A year ago, the maximum price of this basket of products cost 324.7 dollars, so it experienced an increase of 3.10 percent, to stand at 334.81 dollars. 

Among the products that increased their prices the most in markets last May, fish (croaker), traditional ground coffee, whole chicken, potatoes and corn flakes stood out, according to official statistics.  The excessive increase in the basic family basket was the axis of the social protests that in June 2022 paralyzed the country and forced the Government to install a national dialogue table with popular organizations to implement palliative measures to the crisis.