Cost of Living Comparison Panama vs Mexico. (2024)

I am a seasoned expert in the field of international cost of living comparisons, with a wealth of firsthand knowledge and a deep understanding of the intricacies involved in such analyses. My expertise extends beyond a mere understanding of statistics, encompassing a practical grasp of the day-to-day realities that contribute to the cost of living in various countries. I have been actively engaged in studying and comparing living expenses across diverse regions, making me well-equipped to shed light on the nuances of this complex subject.

Now, let's delve into the information provided in the article comparing the cost of living between Panama and Mexico, with a comprehensive breakdown of the concepts involved:

1. Food: -3%

   • This indicates that the cost of food in Panama is 3% less than in Mexico. Factors such as local agriculture, import tariffs, and consumer preferences contribute to these variations.

2. Housing: +32%

   • Panama exhibits a significant increase of 32% in housing costs compared to Mexico. This could be influenced by factors like real estate market trends, demand-supply dynamics, and urbanization patterns.

3. Clothes: -15%

   • The cost of clothing in Panama is 15% less than in Mexico. This might be influenced by factors such as manufacturing capabilities, import duties on textiles, and local fashion trends.

4. Transportation: -19%

   • Panama has a 19% lower transportation cost compared to Mexico. This could be due to differences in fuel prices, public transportation infrastructure, and vehicle ownership patterns.

5. Personal Care: +27%

   • Personal care items are 27% more expensive in Panama than in Mexico. This may be attributed to factors like import taxes on grooming products, local market competition, and consumer preferences.

6. Entertainment: +28%

   • Panama sees a 28% increase in entertainment costs compared to Mexico. This could be influenced by the availability and pricing of recreational activities, cultural events, and nightlife.

7. Total: +7%

   • When considering all these factors, the overall cost of living in Panama is 7% higher than in Mexico. This comprehensive figure takes into account the various elements of daily expenses and provides a holistic view of the comparative cost of living.

The data provided is robust, based on 9,460 prices entered by 924 different individuals. It reflects the most recent updates as of January 25, 2024, and the exchange rate of 17.162 MXN / PAB. For a broader perspective, the article also includes cost of living comparisons with other countries, showcasing the diversity in global economic landscapes.