General / Weekend News

Inflation down, says SIB

By Benjamin Flowers, Staff Reporter

The latest data from the Statistical Institute of Belize (SIB) shows that the average prices for goods and services in Belize had decreased for the month of November.

The SIB’s Consumer Price Index, released this past week, showed that prices were 1.2 percent, or an average or $1.20 cheaper than they were last year. The All-Items Consumer Price Index fell to 102.6 in November 2015 from 103.9.

The “Transport” category, contributed the most to the overall  of the price drops, showing a decrease of almost 10 percent. The costs per gallon of premium and regular gasoline were down by 25 percent and 27 percent, respectively, while diesel declined by 24 percent in comparison to 2014.

International airfares were 37 percent lower than during the same month last year. The SIB attributed the decrease to falling world oil prices coupled with the recent increase in the number of carriers and flights travelling to and from Belize. 

“Despite increases in the prices of some products, the category of “Food and Non-Alcoholic Beverages” saw an average decline of 0.7 percent,” the SIB said. “While consumers faced higher prices for beef, pork, fish and eggs, these were offset by declines in red kidney beans, cooking oil, shortening and fresh vegetables, resulting in an overall decrease in food prices, when compared to the same month in 2014.”

All municipalities across the country recorded falling consumer prices during November 2015, except Dangriga, where prices actually increased by 2.1 percent. The SIB said that the increase was a result of a greater-than-average increase in home rental costs.

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