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Screen_Shot_2016-09-28_at_5.00.33_PMThe Statistical Institute of Belize today published its latest statistics on consumer prices and external trade for the country of Belize. First we take a look at the consumer price index for which the report shows that prices increased, on average by 0.4 percent for the month of August 2016 as it stood 103.7, compared to 103.3in August 2015.

For the first eight months of the year 2016, has seen the highest inflation rate for the year of 0.5 percent.

Food and Beverages category saw a decrease for the first time this year with 0.8 percent decrease from 2015. The average price of eggs saw a decline of 14 percent, while that of cooking oil dropped by 11 percent. These overshadowed an increase of almost one third in the price per pound of sugar, which took effect at the start of the year.

Within the Transport sector, international airfares remained considerably lower in August 2016 than they were last year, with prices declining by 26 percent in comparison to August 2015. Fuel prices, on the other hand, rose by 4 percent during the month, with the most significant jump being recorded for diesel, which rose by 16 percent. This increase in fuel prices was sufficient to offset the lower airfares recorded for the month and, as a result, the ‘Transport’ category as a whole remained unchanged from August 2015.

Price increases were also recorded for doctors’ consultation fees, while premiums for both health and motor vehicle insurance saw slight decreases during the month.

All municipalities recorded increases in consumer prices during the month of August 2016, except for Dangriga and Punta Gorda Town, which saw consumer prices falling by 1.1 percent and 0.4 percent, respectively. Corozal Town once again recorded the highest inflation rate at 1.9 percent, caused primarily by higher home rental costs

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