Posted: Thursday, December 14, 2023. 1:18 pm CST.
By Aaron Humes: The rates of the Consumer Price Index (CPI) remain steady, with prices on average 4.3 percent higher than in October 2022, but virtually no change from September.
According to the Statistical Institute of Belize (SIB), September saw an uptick in inflation following several consecutive months of deceleration in the rate of price increases. Most of these higher prices are food and restaurant services, while prices in transport fell due to lower fuel prices.
Generally, prices for food and non-alcoholic beverages are 11.5 percent higher than at this time in 2022, with food by itself rising by 12.4 percent. There were uniform increases for carbohydrates (rice, flour, bread, and tortillas, by 10.6 percent); fresh vegetables, including cilantro, carrots, habaneros, and cauliflower (17 percent); meat products, such as beef, pork, and poultry (8.2 percent); dairy products, including milk, cheeses, and eggs (15.1 percent); other food products, including sauces and condiments (13.6 percent); fresh fruits including plantains, guavas, limes, and grapes (17.6 percent); and cooking oils (14.6 percent).
Prices for restaurant and café services are 13.7 percent higher, while higher prices and costs for household cleaning and maintenance products and domestic services drove a six percent increase in the ‘Furnishings, Household Equipment, and Routine Household Maintenance’ category.
Other items to see prices increase include pet foods, entrance fees for nightclubs; personal hygiene products; men’s and women’s haircuts; over-the-counter medications; cigarettes and related products, and home rentals. However, prices for liquefied petroleum gas (LPG) and gasoline fuels have been significantly reduced.
The average cost of a 100-pound cylinder of LPG decreased by 12.2 percent, from $135.75 in October 2022 to $119.26 in October 2023, while at the pump, premium gasoline decreased by $2.46, from $17.01 in October of last year to $14.54 in October of this year, and diesel fell by $0.12, from $13.46 to $13.33. On the other hand, a slight increase was recorded in the cost of regular gasoline, from $13.38 in October 2022 to $13.48 in October 2023.
Over the one month from September 2023 to October 2023, consumer prices increased by 0.4 percent on average. This modest growth was the result of a 1 percent increase in the ‘Food and Non-Alcoholic Beverages’ category, due to higher food costs, coupled with a 0.7 percent increase in the ‘Transport’ category, due to a rise in fuel costs between September and October of this year. The year-to-date inflation rate for the first ten months of 2023 stands at 4.5 percent.
Across the municipalities, Belmopan City recorded the highest rate of increase in consumer prices for the month, with an inflation rate of 8.1 percent, almost double the national average of 4.3 percent, while San Ignacio/Santa Elena Town experienced the lowest inflation rate of 1.5 percent.
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The post Inflation is mostly steady; prices are 4.3 percent higher than in 2022 appeared first on Belize News and Opinion on www.breakingbelizenews.com.
Posted: Thursday, December 14, 2023. 1:18 pm CST. By Aaron Humes: The rates of the Consumer Price Index (CPI) remain steady, with prices on average 4.3
The post Inflation is mostly steady; prices are 4.3 percent higher than in 2022 appeared first on Belize News and Opinion on www.breakingbelizenews.com.
