SIB Says Inflation Rate Was Lower in November

The month of November has seen a significant decrease in food and fuel prices, lowering inflation to point two percent.  The fall, according to the latest figures from the Statistical Institute of Belize, makes up for increases in rent, insurance and medical services.  The sharp decline in oil prices on the world market is manifested in transport where the average cost per gallon of diesel reduced by over twelve percent.  In November 2013, a gallon of diesel retailed for ten dollars and sixty-five cents.  This year, the cost stands at nine dollars and thirty-seven cents to the gallon.  While the cost of food was also down a few weeks ago, home rental prices continue to surge, increasing by one point five percent from the same time last year.  Interestingly, the cost of medical services, including consultation fees, lab fees and hospital accommodation were also up in November. 

A total of one hundred and eighty-three point three million dollars in goods was imported into the country in November, an increase of almost forty million dollars from the same period last year.  Goods exported between January and November were valued at five hundred and seventy-four million dollars, almost fifty-five million dollars less than 2013.  Crude petroleum continues to experience the greatest losses, down by over forty-four million dollars since the beginning of the year.