Statistical Institute: Consumer prices edge up by 0.1 percent in August

By BBN Staff: The latest data from the Statistical Institute of Belize shows that Belizeans spent an average of 10 cents per every $100 more for goods and services for the month of August 2020, when compared to the same month in 2019.

The SIB released its latest consumer price index (CPI) today, showing a 0.1 percent increase in consumer prices, as lower fuel and butane prices helped to offset higher home rental costs.

The CPI showed that the cost of “Food and Non-alcoholic Beverages” was up by 1.4 percent, with noticeably higher prices for items such as cabbages, onions, limes, potatoes, whole chickens, red kidney beans, rice eggs, and natural milk. The SIB notes that those higher costs were partially offset by lower costs for items such as pineapples, sweet peppers, ground beef, and pork chops.

The “Transport” category was down by 0.3 percent, due largely to gasoline costs being lower than they were in August 2019; while the “Housing, Water, Electricity, Gas, and Other Fuels” category was up by 0.8 percent, because of a 1.4 percent increase in the cost of home rentals in Belize City, Belmopan, San Ignacio/Santa Elena, and Punta Gorda Town.

Looking at inflation by municipality, the SIB notes that “For the first time this year, the City of Belmopan experienced the highest monthly increase in consumer prices with an inflation rate of 0.5 percent for the month of August 2020.” Belize City and Orange Walk Town saw increases of 0.2 percent, while Corozal Town and Punta Gorda Town saw virtually no change in consumer prices. Meanwhile, Dangriga saw a decrease in consumer prices of 0.9 percent.

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