The Statistical Institute of Belize has released the consumer price index or CPI for June 2014 and not surprisingly, for consumers who have been feeling the pinch, the statistics show that CPI rose 1.3 percent to 103.4 in June 2014. This change, according to the report, was primarily attributed to higher transport and home rental prices, particularly in San Ignacio/Santa Elena, Orange Walk Town and Dangriga.
Currently Punta Gorda and Belize City boast the lowest inflation rates at less than one percent. Prices in Corozal increased 1.3% while in Orange Walk prices increased 1.6%. Prices in San Ignacio/Santa Elena increased 2.4 percent, almost twice national average rate.
The report shows that as in previous months, the rise in the transport index was largely the result of higher international airfares and motor vehicle prices. Except for diesel, there was a slight decline in fuel prices from a year ago.
During the month, home rental prices increased 1.4 percent and were the main cause of the hike in the housing, water, electricity, gas and other fuel index’s.
As a result of the new tariff rates that came into effect in May, water rates increased 6.9 percent while the cost of electricity went down 7.9 percent. Food prices, which have been increasing at an annual average rate of 2.2 percent since 2011, grew by less than one percent during the month.
And while the report shows that there were continued strong increases in the vegetables index, primarily due to limited supply of cabbages, these were reduced by decreases in the price of rice, breakfast cereals, pasta and eggs.
Tomorrow we will take a look at the figures for external trade.
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