Inflation Rate is Up by 1%

Melvin Perez

And what’s up with the price of goods and services in Belize? If you thought that prices felt a little steeper for last January, the S.I.B. says that it’s because they were higher by one percent when compared to 2020.   Melvin Perez of the S.I.B. breaks down the areas where consumers felt the increases and decreases in costs.

Melvin Perez, Statistician II, S.I.B.

“The inflation rate for the month of January 2021 stood at one percent and this means that overall the cost of regular purchase goods and services increased by one percent in comparison to January 2020.   Looking at the major categories affecting the inflation rate the food and non-alcoholic categories increased by five point seven percent – this was the primary category exerting upward pressure on the overall inflation rate. The housing, water, electricity, gas and other fuels category increased by one point six percent; the personal care, social protection, miscellaneous goods and services increased by two point two percent; while the transport category decreased by three point one percent; and the restaurants and accommodations services decreased by twelve point eight percent. This resulted in the overall one percent increase in the overall consumer price index.”