Inflation in the country, although its growth began to drop, continues to register historical figures. The Dane reported that for February the CPI had an increase of 1.66% during February.
(Read: Has inflation peaked? Analysts see that the pressures persist).
However, Although the salary had a significant increase and is now at 1,160,000 pesos, high inflation seems to have consumed this increase. According to Andrés Felipe Jiménez, a professor at the Konrad Lorenz University School of Business, there are several options to alleviate the impacts of the increases.
The first thing is to refrain from making a credit request since the Banco de la República on February 1 increased the intervention rate by 0.75%, reaching a rate of 12.75%, which it will expand to the market, increasing the costs to obtain credit.
«Try to postpone purchases for the home that require financing,» says the expert. The other thing is to reduce spending and increase savings.
(In addition: in five years the current rose more than $3,000 and is already at $10,000).
«As interest rates are high, it is recommended to increase savings and invest in fixed-income securities; that is, titles such as Fixed Term Certificates of Deposit – CDT, where the profitability to be obtained is known in advance, therefore, there is security in the investment»Jimenez says.
Likewise, it is recommended to make a budget of expenses. Also, search for similar or substitute products and services that manage to meet the needs with a lower cost.
«Remember that a good decision is one that is made with the greatest amount of information possible. This is why, in order to have a broad analysis of substitutes, it is important to know the market,» Jiménez points out.
(Keep reading: The sectors and products that increased in price the most in February).
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