The Statistical Institute of Belize issued its most recent figures on consumer prices and external trade for Belize throughout the month of August. We begin by taking a look at the statistics for Consumer Price Index (CPI) which illustrates that in comparison to August of last year there was an increase of 0.7 percent in the average cost of goods and services regularly purchased by households this year. The All-Items CPI for August 2017 stood at 104.4 compared to August of 2016 which stood at 103.6.
For the first eight months, an inflation rate of 1.3 percent was recorded.
(Insert Figure 2) Under the transport category an increase of 5.2 percent was recorded, highlighting the transport index as the major contributing factor in the overall rise in consumer prices for the month of August.
The prices for fuel also rose slightly by 0.9 percent in which Premium gasoline saw the highest growth from $10.51 in August 2016 to $10.62 in August 2017, Regular gasoline rose from $9.46 to $9.79, while diesel went up from $8.74 to $8.80.
The ‘Housing, Water, Electricity, Gas and Other Fuels’ group recorded an overall increase of 1.4 percent as opposed to August 2016.
A slight decrease of 0.7 percent was recorded in the ‘Food and Non-Alcoholic Beverages’ category. On the other hand, the ‘Alcoholic Beverages and Tobacco’ category escalated by almost 7 percent reflecting an 8.2 percent increase in the average price of beer.
Across the seven municipalities, Dangriga recorded the highest increase in consumer prices which stood at 3.8 percent (this is due to an increase in home rental prices). Orange Walk Town, on the contrary, recorded the largest fall in home rental costs and also experienced the lowest inflation rate of negative 1 percent.