7 News Belize

Inflation Inches Up
posted (March 30, 2016)
Now the last thing on the agenda was the inflation rate for the month of February compared to the same month in 2015. According to SIB's latest statistics, the inflation rate or consumer price index is up by 0.3% during that period. This means that the price of goods and services was on average 0.3% percent cheaper in February 2015 than it was in February 2016.

The statistical institute attributed this to the rise in local fuel prices – due to the higher import duty on fuel.

Angelita Campbell - Statistican 2, SIB

"Inflation rate for the month of February stands at 0.3 percent. What this is saying is on average, prices are 0.3 percent higher than that of last year February. For example, if a consumer purchased a basket of goods for 100 dollars last year. What they would purchase for the same basket of this year February would be 100.30. When we look closely at the diagram, we realise that Orange Walk recorded the highest increase in inflation of 2.1 percent which can be attributed to an increase in rental of housing as well as food price; while Belmopan continues to show the highest decrease in inflation rate of -1.1 percent. Finally we'll be looking at the inflation rate in the region and within the region we see Costa Rica recording the lowest inflation rate of -0.3 percent; while Guatemala recording the highest inflation rate of 4.3 percent."

Also up were motor vehicle and health insurance premiums, doctor consultation fees, and restaurant and hotel prices.

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