According to the report released yesterday by the National Institute of Statistics and Census (INEC), the pace of price growth slowed in May recording a monthly variation of -0.22%, compared to 0.18% of last April and the -0.19% of May, 2012.
In addition, the annual change in the Consumer Price Index (CPI) was 3.01% and cumulatively, of 1.09%, compared to annual inflation of 4.85% and 2.22% cumulative of May 2012.
The Institute attributed the decrease to the price inflation of three categories: food and beverages, transportation and education, which have contributed to the 98.34% to the decrease in the CPI.
- Food and non-alcoholic was -0.90%, and contributed to the reduction of the price index with 83.24%.
- Transportation was -0.32%, and contributed to the reduction of the price index with 11.93%.
- Education was -0.13%, and contributed to the reduction of the price index with 3.17%.
On the other hand, Victor Hugo Alban, president of the Colegio de Economistas de Pichincha, completely disagrees with INEC data and ensures that only food inflation was 1.7% in May as it “has been a month characterized by a strong winter in the central-south area of the country, making it difficult to transport food to the coast, increasing their prices. “