Looking at different brands of cereals in stores I have only been able to find what I call inflated pricing. I can say with certainty that the prices are inflated because an organization that promotes retiring overseas told me that food in Ecuador was cheap, and they never lie. They even have sent me pictures of $1.80 boxes of cereal so I know that those prices are still available if you know where to look.
Now that I am here in the local supermarkets I see prices as high as $4.50 a box for small boxes of cereal! I was able to find some cereals that cost as low as $2.00 but they were much smaller than I thought they should be and the quality seemed very poor. Some were about to expire and were therefore discounted. There was nothing I could find that I would even consider eating for under $2.50 and the stuff that I really wanted cost a lot more.