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SIB reports inflation up in back to back months for first time in a year

Posted: Wednesday, March 30, 2016. 7:23 pm CST.

Posted: Wednesday, March 30, 2016. 7:26 p.m. CST

By Aaron Humes: The Consumer Price Index (CPI) is the formal name for the measure of inflation, or increase in prices paid by Belizeans. It is measured in selected items representing what most Belizeans buy on a monthly basis.SIB logo

For all of 2015, Belize saw percentage decreases in the CPI, measured against the preceding year, meaning Belizeans paid less for goods and services on average. But in the first two months of 2016, inflation is positive for the first time in more than a year; unfortunately, that means Belizeans are paying more for food and housing rental as well as health and insurance costs and even hairdressing.

The Consumer price index is up 0.3 percent overall for February. Fuel prices rose by about 0.7 percent in total, but both regular and premium fuel saw high increases while diesel declined.

Regionally, Belize is keeping pace, as only Costa Rica has a better rate – that is, negative – than we do. All the other Central American countries and Mexico are recording at least 2 percent inflation; Jamaica is at 3.6 percent. The CPI statistics are released monthly.

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