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Here's Statistician Melvin Perez with the overview of the consumer price index.

Melvin Perez - Statistician II, SIB
"The inflation rate for the year, 2021, when compared to the year 2020, stood at 3.2%. Throughout the year 2021, consumer prices rose at an accelerated rate, peaking in November at 5.7%. fuel, food, and butane prices trended steadily upwards throughout most of the year 2021. Looking at the major categories, first, we have the transport category, which increased by 9.6%, and this was mainly due to higher fuel prices that were reported throughout the year. Secondly, we have the food and beverages, with prices increasing by 4.8%. And this was mainly due to high prices for fresh produce, meat, and cereal products. Thirdly, we had housing, water, electricity, gas, and other fuels, with prices increasing by 1.80%. And this was mainly due to higher liquefied petroleum gas prices. With our main emphasis being in the month of January, we can see how prices started to increase in January 2021, up to January 2022. These increases were a combination of higher food, butane, and fuel prices. This is why when comparing January 2021, and January 2022, an inflation rate of 4.1% was reported. Looking at the trend line, it is clearly showing how prices have been moving toward the years, specifically starting from November of 2020, when prices started to increase heavily up to January 2022. And I must say these increases were a combination of higher food prices, butane, and fuel."

We turn now to the everyday commodities that saw the most significant price hikes. Here's that part of Perez's breakdown:

Melvin Perez - Statistician II, SIB
"Looking at the measured categories affecting the inflation rate of 4.1%, first, we have the transport category with prices increasing by 16.2%, followed by food, and non-alcoholic beverages with prices increasing by 2.5%. Then, we have housing, water, electricity, gas, and other fuels, with prices increasing by 1.9%. Then, we had the restaurant and accommodation services with prices increasing by 4.7%, and the furnishing, household equipment, and routine household maintenance prices increasing by 2.2%. Now that we have identified the major categories affecting the inflation rate we will break down each category, and we would see what contributed to the increase in the category. First, let's look at the transport category with prices increasing by 16.3%. This was mainly due to a significant increase in the fuel and lubricants s in the fuel subcategory, in which prices increased by 26.7% and this was mainly due to higher fuel prices. Secondly, you have the purchase of new motor vehicles, with prices increasing by 5.5%. Then, we have the prices for passenger transport by road, which went up by 3.3%, and prices for passenger transport by air, which went up by 11.8%."

But, while those inflation numbers are high, Belize isn't the nation in the Western Hemisphere with the biggest spike. At the end of his analysis, Melvin Perez focused on a comparison of inflation numbers of the countries in the region:

Melvin Perez - Statistician II, SIB
"It can clearly be seen that Orange Walk Town experienced the highest increase in consumer prices with an inflation rate of 5.9%. Consumers in this town above-average increase in prices for home rental, food items, restaurant and accommodation services, laundry products, women's clothing, and men's and women's haircuts. On the other hand, Punta Gorda Town experienced the lowest inflation rate of 2.2%, as consumers in this town saw a lower than average increase in prices for a woman's clothing, food items, and restaurant and accommodation services. Let's take a look at the inflation rate at the regional level. First, let's look at Jamaica, which had an inflation rate of 9.7%, followed by the Dominican Republic, with prices increasing by 8.7%. And then, you have Nicaragua, with prices increasing by 7.7%. Jumping all the way to Panama, we can see that it was the country with the lowest inflation rate in the region, with prices increasing by 2.6% for the month of January 202,2 when compared to January 2021."