Statistical Institute: Cost of living in 2020 was slightly higher than the previous year

By BBN Staff: Belizeans paid an average of ten cents more per every $100 spent in 2020 than they did in 2019, according to the latest data released by the Statistical Institute of Belize.

The SIB’s Consumer Price Index data for 2020 said that the inflation rate for 2020 was 0.1 percent higher than that of 2019, with the most significant change in prices being a 1.1 percent increase in the ‘Food and Non-Alcoholic Beverages’ category. The SIB attributed the overall rise in this category to price increases for fresh vegetables such as cabbages, lettuce, tomatoes, and onions.

“In addition, ‘Housing, Water, Electricity, Gas and Other Fuels’, saw a small increase of 0.6 percent for the year 2020. This was due to a rise of 1.1 percent in home rental costs, which was partially offset by a fall in LPG prices for the year when compared to 2019,” the SIB said.

Meanwhile, the ‘Transport’ category saw a 1.1 percent decline for the year, due to lower fuel prices at the pump. Those prices were slightly offset, however, by higher prices for international airfares and new motor vehicles. ‘Restaurant and Accommodation Services’ also fell, by 6.1 percent, with lower prices for hotel accommodations being recorded. Both sectors had been greatly affected by the COVID-19 pandemic.

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