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How The Prices you Pay Changed From One Year To The Next
posted (August 29, 2019)

Last night, we showed you the latest figures from the Statistical Institute of Belize, on how the country’s economy performed in the second quarter of this year.

We also reported on the inflation, and which parts of the country the cost of living was highest. So, we turn tonight to the SIB’s snapshot on the consumer price index, and how the prices you paid for items last year compares to what you paid between April and June of this year.

Here’s what statistician Melvin Perez had to say during yesterday’s press conference:

Melvin Perez - Statistician II
“Let’s look at the all-items consumer price index for the past 3 years, with our focus being the month of July. We noticed that in July 2018, it recorded a consumer price index of 105, and on July 2019, it recorded a consumer price index of 104.8. This why the decrease in the period was -0.2%. Now, this indicates that there was a change during that period, Â whereby the increases in the various categories off-set the decreases for that period.â€￾

“Let’s look at the housing, water, electricity, gas and other fuel, which had a decrease of 7%. This decrease was mainly due to a decrease in home rental costs which went down by 1.2%. On the other, however, liquefied petroleum gas went up by 1.1%, and electricity tariffs also went up by 11.9%, as the new rates, applied earlier in the year, continue to take effect. Having a closer look at the average liquefied petroleum gas prices, it is observed that in July 2019, it had an increase in 1.1%, when compared to July 2018, which went up from $114.65 in July 2018, Â to $115.85 in 2019. When comparing July 2018, to July 2017, a 15% increase was recorded.â€￾

“Let’s look at the food and non-alcoholic category, which had an increase of 1.2%. This increase was mainly due to a rise in prices of certain meat, fruits, and vegetables. To name a few, this includes beef steak, which went up by 2.9%, pineapple, which went up by 16.7%, tomato increased by 20.6%, and cabbage, which increased by 34.5%. Even though we had some decreased, such as lime, ground beef, and pork chops, these decreases were not sufficient to off-set the increases within the category.â€￾

“Let’s look at the transport category, which went down by 3.9%. Now, this decrease was mainly due to a drop in the transport by air, which went down 7.4%, as lower prices for international airfares were recorded, followed by fuel and lubricants, which also went down 5.1%.â€￾ 

Tomorrow, we’ll take a look at what Belize’s external trade looked like during the second quarter of this year.

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