Fuel Goads Inflation Forward

Fuel prices, as motorists would know, have shot up considerably, jumping almost twenty percent during February 2017.  The most notable increase was in the cost of diesel fuel which went up by six dollars and thirty-six cents from last year.  Diesel per gallon is averaging at nine dollars and eleven cents.  Taken together, the rise in the cost of transportation has directly affected the overall rise in consumer prices.  Similarly, the inflation rate also saw an increase, more so in Belmopan and Dangriga, respectively.  The statisticians at SIB broke down those figures this morning.

Jacqueline Sabal

Jacqueline Sabal, Statistician, SIB

“In 2016, premium gasoline was at nine dollars and forty-three cents.  It stood at ten dollars and forty-eight cents in February 2017.  Regular gasoline was at seven dollars and seventy-eight cents in 2016 and now at nine-seventy-one in 2017.  In February 2016, diesel stood at six-thirty-six and in February of 2017, diesel stood at nine dollars and eleven cents.  So you can see the large change in fuel prices.  If we look at how another major index that usually affects the all items consumer index which is that of rent, home rental prices. For the inflation rate by municipalities.  Across all municipalities everyone recorded an increase in consumer prices.  Belmopan recorded the highest inflation rate at three point five percent with Dangriga not far behind at three point three percent.  Again, I did notice that there was a large increase in Dangriga because normally Dangriga does not report such a high CPI.  In February 2016, Dangriga actually recorded a decrease.  So again, comparing the two periods, if there was a decrease in that year and an increase in this year, the percentage change is going to show that.”