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Inflation up by more than 5 percent for the first seven months of 2022

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Posted: Thursday, September 1, 2022. 9:51 am CST.

By Benjamin Flowers: Consumer prices were up by more than 5 percent for the first seven months of 2022, according to the latest data released by the Statistical Institute of Belize (SIB).

The SIB’s latest Consumer Price Index (CPI) showed that Belizeans paid an average of 5.8 percent more for goods and services between January-July 2022, when compared to the same period last year.

The SIB notes that the ‘Transport’ category led inflation with a year-to-date inflation rate of 18.4 percent, was directly responsible for more than a half of the overall increase in consumer prices for the seven-month period.

The SIB said that the increase in the Transport sector was due to, “considerably higher costs were recorded for all motor vehicle fuels, new motor vehicles, and various passenger transport services.”

‘Food and Non-Alcoholic Beverages’ was the category with the second highest year-to-date inflation rate, 6 percent, due mostly to higher prices for cereal products, meats, cooking oils, seafood, dairy products, and fresh fruits and vegetables.

The SIB said that prices within the category of ‘Housing, Water, Electricity, Gas and Other Fuels’ were up by 2.9 percent, due to higher prices for LPG and construction materials for household use.

“Among the other categories, prices were also notably higher for restaurant services, laundry products, soaps, and detergents,” the SIB said. “Nonetheless, these increases were partially offset by a 0.8 percent reduction in the ‘Information and Communication’ category, as a result of lower prices for internet provision services.”

Inflation was up by 7.3 percent for the month of July 2022, when compared to July 2021.

 

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