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Value of the basic basket in Ecuador reaches almost 800 dollars

Quito, Apr 5 (Prensa Latina) The value of the basic family basket in Ecuador today is $795.30, according to figures from the Consumer Price Index of the National Institute of Statistics and Censuses (INEC).

The figure rose last March by about 4.21 dollars compared to the previous month of February and, for the first time, the set of essential products and services could exceed the barrier of 800 dollars due to the increase in the Value Added Tax (VAT), effective from April 1.

Although a large number of products in the basic family basket do not pay VAT, some are taxed with this tax, such as ketchup, mustard, mayonnaise, powdered gelatin, cookies, condiments, among others.

The INEC defines the regulated basic family basket as the set of goods and services essential to satisfy the fundamental needs of the typical household, made up of four members with 1.6 income earners who earn the unified basic remuneration ($460).

According to official data, in March 2024 the family income reached 858.7 dollars, which means there is a surplus of 63.37 compared to the family basket.

However, more than half of the population does not have a formal job, so they have no guarantee of achieving that remuneration, nor other labor rights.