Statistical Institute of Belize Records Another Increase in Inflation

Statistical Institute of Belize Records Another Increase in Inflation

The Statistical Institute of Belize (SIB) has recorded yet another increase in inflation. Interestingly, however, this period’s rate of inflation is the lowest increase that Belize has seen since 2021. For the period April 2022 to April 2023, the SIB recorded a four-point-six percent inflation. For the month of April alone, the prices under the Food and Non-Alcoholic Beverages were 12.7 percent higher than they were in April 2022. Items under this category include rice, flour, bread, and tortillas which saw an 18.8 percent increase; dairy products including natural milks, cheeses, and eggs, which saw a 24.9 percent increase; meat products such as beef, poultry, and pork which saw an 8.3 percent increase, and fresh fruits with an 11.8 percent increase, and fresh vegetables at a 9.9 percent increase. One category that saw a decrease was the Housing, Water, Electricity, Gas and Other Fuels’ category. Under this category, there was a decline of 1.6 percent for the month, primarily due to a dip in butane prices. The average cost of a 100-pound cylinder of LPG decreased by $26.98, from $149.94 in April 2022 to $122.96 in April 2023. Of the six districts, the twin towns of San Ignacio/Santa Elena recorded the highest rate of increase in consumer prices for April 2023. Meanwhile, Corozal Town recorded the lowest inflation rate at 2.5 percent, as consumers in this municipality saw lower than average increases in prices for food items, restaurant services, pet food, medicine products and doctor consultation fees.

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