And while exports fell considerably IN May we now take a look at the growing inflation after consumer prices went up by 3.7% in May. According to the statistical institute of Belize, The average cost of regular purchase goods and services increased by 5.4%, with food and non alcoholic beverages being the highest at 13.9%. SIB notes that the inflation rate first began to increase in November of 2020.
Melvin Perez, Statistician II, S.I.B. "The consumer price index also called CPI, is a statistic use to indicate how prices that consumers pay for a specific basket of goods and services change over time relative to a base period. In this case our current base period for the consumer price index is October of 2020, which means that the consumer price for any given month is a measure of prices in that month relative to prices in the base period. The cumulative inflation rate for the first months of the year 2023 when compared to the same period of the year 2022 stood at 5.4%. This means that overall, the average cost of regular purchase goods and services increase by 5.4% for the period."
"Looking at the trend line, it is clearly showing us how prices has been moving throughout the past 5 years. During the first 2 years prices remain relatively stable, but starting from November of 2020, they began to increase significantly up to May of 2023."
"The consumer price index also called CPI, is a statistic use to indicate how prices that consumers pay for a specific basket of goods and services change over time relative to a base period. In this case our current base period for the consumer price index is October of 2020, which means that the consumer price for any given month is a measure of prices in that month relative to prices in the base period. The cumulative inflation rate for the first months of the year 2023 when compared to the same period of the year 2022 stood at 5.4%. This means that overall, the average cost of regular purchase goods and services increase by 5.4% for the period."