The National inflation rate went down from 0.7% in October to 0.2 percent in November and according to the latest statistics published by the Statistical Institute of Belize this is contributed by the fall of food and fuel prices. The All-Items consumer price index stood at 103.8 in November 2014, up only 0.2 percent from in the same month last year. Lower prices in the Transport category and food items were the main factors holding inflation low this month, offsetting increases in rent, insurance and medical services. Inflation for the first eleven months of 2014 was 1.2 percent. The effects of falling global oil prices were evident in the category of Transport, with the average price per gallon of diesel dropping by over 12 percent from $10.65 last November to $9.37 this month. International airfares also fell considerably, by 17 percent compared to twelve months ago. Food prices were down by 1.2 percent on average, with items such as eggs, fresh vegetables and Red Kidney beans recording lower prices for the month. Home rental prices continue to exert upward pressure on the overall inflation rate, increasing by 1.5 percent compared to last November. Higher prices were recorded in several of the municipalities for various medical services including consultation fees, lab fees, hospital accommodation, and X-Rays. Increases were also recorded in both health and motor vehicle insurance premiums.
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