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Dec 13, 2023

All Items Inflation Stood at 4.5% Between January and October

The Consumer Price Index, as shared by the Statistical Institute of Belize, also records an increase in the cost of basic goods.  The cumulative inflation rate for the first ten months in 2023, when compared to the same period in 2022, stood at four point five percent.  The cost of food and non-alcoholic beverages has skyrocketed to twelve point nine percent, while the cost of transportation and housing have gone down by one point eight and zero point five percent, respectively.

 

Melvin Perez

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

“Looking at our period of interest, the cumulative inflation rate for the first ten months in 2023, when compared to the same period of 2022, stood at 4.5%.  This means that overall, the average cost of regular purchased goods and services increased by 4.5%  So now looking at the national monthly inflation rate for the past four years, the inflation rate for October 2023 was virtually unchanged from the previous month which saw an uptick in inflation following several consecutive months of deceleration at the rate at which prices were rising since the pandemic in 2020.  So before we look at the major categories affecting the cumulative inflation rate of 4.5%, let‘s first look at the national consumer price index which summarizes the categories of goods and services for the past five years, with our main emphasis being the first ten months in 2023.  We can observe how prices overall increased from January to March, whereas from March to April, we saw prices decreasing as lower food and LPG was recorded for that period.”


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