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Inflation: Statistical Institute reports prices up slightly in October; annual rates steady at 4 percent

Posted: Thursday, November 30, 2023. 10:54 am CST.

By Aaron Humes: Between September and October prices of goods and services rose by an average of 0.4 percent, as calculated by the Statistical Institute of Belize (SIB).

The month-over-month or inter-monthly inflation rate measures the percent change in prices between the previous month and the current month, a short-term version of the Consumer Price Index (CPI) which compares prices for the current month with those of the same month in the previous year.

The rise is attributed to a one percent increase in the Food and Non-Alcoholic Beverages category, due to higher food costs, coupled with a 0.7 percent increase in the Transport category, due to a rise in fuel costs between September and October.

The year-to-date inflation rate through the first ten months of 2023 stands at 4.5 percent. Prices for food and non-alcoholic beverages are up nearly 13 percent while restaurants and accommodation services are up nearly 12 percent, mostly attributed to rising costs for the former. Higher pet food prices drove recreation, sport and culture up nearly seven percent, while increasing household cleaning, maintenance and domestic service products lifted the Furnishings, Household Equipment, and Routine Household Maintenance by five percent. Increases were also recorded for personal hygiene products by 3.3 percent.

Generally however, transport and LPG fuels are down by 1.8 and 0.5 percent while the cost of items within the ‘Information and Communication’ category dropped by 2.2 percent when compared to the same months of last year.

 

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