The covid-19 pandemic, the skyrocketing dollar and the war in Ukraine —although it seems distant— They have surely hit the finances of familieswho for two years have had to assume an escalation in the prices of products and services.
According to the National Administrative Department of Statistics (Dane), In February, inflation reached 13.28 percent per yearthe highest for 24 years, but the Minister of Finance, José Antonio Ocampo, is confident that it has already peaked and will begin to drop soon.
(Also read: Inflation in Venezuela remains high and worries economists)
Since everything is more expensive, families have had to change your spending habits and adjust expenses so that the money can be enough to make ends meet. This is evidenced by a Polimétrica survey carried out by Cifras y Conceptos for EL TIEMPO, on how Colombians are facing this difficult situation.
“It is clear that Inflation is the problem that is coming out the most today for Colombians and that is why they are taking action. Very few people are taking a single measure, several of them are doing a combination, but the least they are able to do is renegotiate debts and obtain new income”, highlights César Caballero, manager of Figures and Concepts.
more than one action
The survey reveals thatl 64 percent of the Colombians consulted are doing something for reducing the impact of inflation on its economy, a growth of 3 percentage points compared to the 61 percent obtained in last November’s measurement.
Majority (17 percent) are implementing three measures, others have opted for only one (15 percent) or for two alternatives at the same time (14 percent). There is also a significant percentage (33 percent) of people who prefer a combination of four to six measures in order to get relief for their pockets.
It is clear that inflation is the problem that is most weakened today for Colombians and that is why they are taking measures
When inquiring about the specific actions that are being carried out to counteract the high cost of living, 60 percent of people answered that they have changed their traditional place to market for one that we offer cheaper prices. Those who have done this the most are the inhabitants of Manizales (56 percent), Bogotá (43 percent) and Santa Marta (36 percent).
besides, 52 percent have preferred to reduce leaving home. This trend predominates in Villavicencio (66 percent), Medellín (47 percent) and Cali (16 percent).
El Dane reports that not only have fast foods (20.90 percent) and restaurants (18.89 percent) become more expensive, but also going to the cinema and theater (8.08 percent), services in bars and nightclubs (8.50 percent), tour packages (18.02 percent) and hotel accommodation (17.98 percent).
(Also read: The new forces that prevent inflation from beginning to subside)
How do Colombians deal with high inflation?
Another 52 percent also said that has stopped buying items from the family basketwhile half (50 percent) of the households consulted have obtained products seeking greater efficiency in prices.
Reduce or postpone the purchase of clothing It is another alternative for which 47 percent of those consulted have favored, since, in the case of men’s clothing, it is 9.45 percent more expensive and that of boys and girls has risen 6.51 percent.
Regarding public services, 49 percent of the Colombians surveyed said that their consumption has decreased, because according to data from Dane, the cost of electricity has felt 19.51 percent in the last year. The most affected are those who live in Sincelejo, Santa Marta, Cúcuta, Medellín, Bucaramanga, Montería, Valledupar and Cartagena.
Natural gas (22.12 percent), water (12.94 percent) and sewerage (14.09 percent) services have also become much more expensive in the country.
Only two out of 10 Colombians (21 percent) have opted for refinance your debtswhile 18 percent have bought products in higher volumes in order to obtain lower prices.
(Also read: Bankers agree to help the most vulnerable with low rates)
Greater effect on the poor
With 65 percent, the measurement of Figures and Concepts reveals that low-income households have been the most concerned about taking action to reduce the impact of inflation, since they have been the most affected by the rise in prices.
In February, the cost of living for poor households had increased 14.34 percent and for the vulnerable, 14.31 percent. The least affected, so to speak, have been people who have high income because they registered an inflation of 12.38 percent.
Low-income people are the ones who have most opted to change the market place for a cheaper one, those of the middle class prefer to replace elements of the family basket and Colombians of a high socioeconomic level are inclined to reduce or postpone the purchase of clothing.
Those who are doing something against the inflation They are people between 46 and 55 years of age, they comprise 68 percent of the total. Another important fact that is revealed is that, with 77 percent, it is the inhabitants of Villavicencio who are taking the most actions to face the increase in prices.
According to the Dane, in this city the cost of living it has increased 12.72 percent in the last year, below the national average (13.28 percent) reported for February.
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