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SIB Says Belize Experienced Inflation Rate of Three Percent for June

Meanwhile, the SIB says that for June, the nation experienced an inflation rate of three percent. This means that on average items comprising the basket of goods and services commonly purchased by Belizean households were three percent higher than they were in June of last year. In its latest all-Items Consumer Price Index (CPI), SIB notes that fuel, food, Liquefied Petroleum Gas (LPG), and personal care products were up, while hotel accommodations were down. Acting Director General at SIB, Diana Castillo Trejo explained the nation’s performance.

Diana Castillo Trejo, AG Director Geneal, SIB: “The inflation rate is basically a calculation of how prices have changed on average between two time periods. So in this case we are comparing June which is the subject of the latest release, June of 2021 with June of las year. So between June of last year and June of this year on average prices have gone up and these are prices for consumer goods have gone up by 3%so that means that if you had a set of items that last year would have cost the consumer a hundred dollars those exact same items would cost the consumer a hundred and three dollars this year. So that is one thing, that is what that overall number means. We have been seeing quite a bit of increase in consumer prices over the past month and maybe we could go back to the past year because we started seeing the impact of the pandemic on prices from the second quarter of last year. In particular we saw food prices start to rise rapidly and that is something that we have noted and it has stood out because food prices have tended to be rather stable for us in the past but over the past year food has been one of the items that has been rising fairly rapidly and in particular we look at things like fresh produce and meat and so on. In addition to that we have the transport category which includes fuel and as you know we have seen some very rapid increases and sharp increases in fuel prices and so in comparison to June of last year there was a rather large spike in the transport category due for the most part to increases in fuel prices. And then there are other consumer products that do contribute to this overall increase but the main ones had to do with those categories that do tend to make up a big part of household’s budgets.”

Trejo noted that SIB has already begun to work on the figures for July.