The Statistical Institute of Belize has released its latest figures in relation to Belize’s Consumer Price Index for the month of August. According to the figures, consumer prices showed that the All-Items inflation rate for the month of August 2014 was 0.9 percent, down slightly from 1.3 percent in July 2014. The consumer price index for August 2014 stood at 103.6, compared to 102.7 in the same month in 2013. The average inflation rate for the first eight months of the year was 1.4 percent.
The increases in the August inflation rates stems from higher home rental rates, international airfares, and insurance premiums. Food prices, which are usually one of the main drivers of inflation, saw a marginal decline this month, with average prices falling in all categories except for Fish and Seafood.
Home rental prices rose 2 percent from twelve months ago, as the upward trend which was first noted earlier this year continued across all municipalities in August. International airfares, which had also been trending sharply upward over the last few months, were a mere 3 percent higher in comparison to last August. Health and motor vehicle insurance rates were up 3 and 6 percent, respectively.
As in July, San Ignacio/Santa Elena had the highest inflation rate of the seven municipalities at 1.7 percent. Punta Gorda and Dangriga were both above the national average with rates of 1.3 and 1.1, respectively. The lowest inflation rate was recorded in Corozal where inflation was only 0.4 percent.
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