The prices on goods fell by point six percent compared to 2014 reports the Statistical Institute of Belize. According to the SIB, this is due largely to decreases in fuel and Liquefied Petroleum Gas prices during the month which offset increases in the cost of some food items and home rentals. The report states that quote, “All-Items Consumer Price Index stood at 103.3, down from 103.9 in last August. For the first eight months of this year, an inflation rate of negative 0.9 percent was recorded,” unquote.
All three types of fuel saw a considerable drop in prices compared to August 2014, with premium and regular gasoline down by about 19 percent and 22 percent, respectively, while diesel prices fell sharply by 28 percent. The decline in fuel prices was the major contributing factor to a 6.3 percent decrease in the “Transport” index. There were not many changes seen in prices for “Food and Non-Alcoholic Beverages”.
When looking at some items individually however, some increases were observed in the prices of beef, pork, and eggs. These were offset by lower prices for Red Kidney beans, cooking oil and shortening.
Within the category of “Housing, Water, Electricity, Gas and Other Fuels”, there was little change overall, with the category as a whole declining by 0.1 percent. Home rental prices were up by 0.6 percent on average and the increase was noted more in Dangriga and Punta Gorda where rental costs rose by 2.7 percent.
Higher rental prices were overshadowed, however, by a drop in the price of Liquefied Petroleum Gas, which saw the average cost of a hundred pound cylinder fall steeply, from $117 in August 2014 to $90 in August 2015. The SIB goes on to state that Dangriga and Punta Gorda recorded inflation rates of 1.9 and 0.9 percent, respectively but this is due to the increases in home rental prices in both municipalities during the month, while little or no increase in rentals was recorded in other municipalities. Orange Walk Town saw virtually no change in prices, on average.
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