SIB says inflation rate for July 2017 is 0.6% higher than July 2016

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Updated: August 30, 2017

For the month of July, consumer prices are up by 0.6% due to a rise in transportation cost. The Statistical Institute of Belize’s latest figure shows that for the first seven months of 2017, an inflation rate of 1.4% was recorded. This morning the Statistical Institute of Belize held a press conference where they revealed these latest figures. We hear more from Ms. Jacqueline Sabal of the Statistical Institute of Belize.

Jacqueline Sabal – Statistician

“The inflation rate for the month of July 2017 stood at 0.6% this means on average prices were 0.6% higher than they were in July of 2016. The inflation rate for the first seven months of the year, 2017 stood at 1.4%.  As we look at the inflation rate by major categories, the food and nonalcoholic beverages category recorded a 0.7% decrease, Housing, water, electricity, gas and other fuels recorded a 0.4% increase, the transport index recorded the largest increase at 6.3% and the all other categories of goods and services recorded a 0.6% decrease.”

Sabal went on to explain the inflation rate by category.

Jacqueline Sabal – Statistician

“In January of 2016 the index stood at 109.3 while in January of 2017 it was at 106.7. In July of 2016 it was at 107.5 while in July of 2017 it was at 106.7. Bear in mind that the food and nonalcoholic category has one of the largest weights in the overall basket of goods and services so changes in this category drastically impacts the overall inflation rate.”

Meanwhile, other commodities such as housing, water, electricity, gas and other fuels increased  by 0.4%.  A decline in home rental prices was able to diminish the effect of a rise in liquid petroleum gas prices, which saw a 20.9% increase.

Jacqueline Sabal – Statistician

“In the housing, water, electricity, gas and other fuels category, an overall zero point four increase was recorded. A slight zero point four percent decrease in home rental prices was able to mitigate the effects of 20.9 percent increase in liquefied petroleum gas.  In July of 2016, the cost of a hundred pound cycliner of liquid petroleum gas was eighty two dollars and forty four cents while in Jul y of 2017 the cost of that same one hundred pound cylinder was at ninety nine dollars and sixty four cents.

For the month of July, home rental cost fell by 0.4%. Dangriga recorded the highest increase in home rental for the month at 2.7%.  Meanwhile, Orange Walk, recorded a decrease in home rental for the month at minus 1.2%.