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Posted: Thursday, August 31, 2017. 8:23 a.m. CST.

By BBN Staff: The latest data from the Statistical Institute of Belize (SIB) shows that Belizeans paid an average of 60 cents more for goods and services in the month of July.

The SIB released its Consumer Price Index on Wednesday, showing that inflation has continued to be above what it was when compared to last year. As it was in June, the ‘Transport’ index went up the highest, and was the single largest contributor to the overall increase in prices. Transport was up by 6.3 percent. The SIB attributed that to higher costs for air fare and bus fare, it also said that the price for purchasing new motor vehicles was higher.

The Fuels and Lubricants’ saw a relatively small increase, 0.7 percent, when compared to the same month of last year, with the most notable increase being recorded for the price per gallon of premium gasoline. “Premium fuel rose from $9.51 in July 2016 to $11.04 in July 2017, while regular gasoline rose from $9.56 to $10.10, and diesel was up from $8.55 to $8.94,” the SIB said.

“On average, consumers spent 0.7 percent less on ‘Food and Non-Alcoholic Beverages’ as this category recorded decreases in the prices of several food items including ground beef, beef steak, whole chickens, onions, cabbage and limes,” the SIB stated.

The institute added that the decline in ‘Food’ prices served to offset a 9.6 percent increase in the average prices for beer, the effect of the recent adjustment of excise taxes.

The ‘Housing, Water, Electricity, Gas and Other Fuels’ category also saw an increase of 0.4 percent, in comparison to July of last year. Dangriga town had the highest rate of inflation, by municipality, while Orange Walk town was actually the only municipality to see an overall reduction in prices.

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