Consumer Prices Down by 0.5% in October 2020
If you felt the pinch of groceries and rent in October, you weren’t wrong. The Statistical Institute of Belize says that while consumer prices were down by zero point five percent in October 2020 when compared to October 2019, food and home rental costs were up. The S.I.B. says that the zero point five percent reflects the notably higher prices in the ‘Food and Non-Alcoholic Beverages’ and ‘Housing, Water, Electricity, Gas and Other Fuels’ categories were balanced out by lower prices in ‘Transport’, and ‘Clothing and Footwear’ which resulted in the marginal decline. Jefte Ochaeta of the S.I.B. tells us more.
Jefte Ochaeta
Jefte Ochaeta, Statistician I, S.I.B.
“The October 2020 inflation rate stands at negative zero point five percent meaning that the cost of goods and services purchased regularly has decreased zero point five percent when compared to October 2019. Now, let’s look at the factors that influence the inflation rate for October 2020. From the graphic here, we can see the food and non-alcoholic beverages have increased by one point seven percent; housing, water, electricity, gas and other fuels also increased by zero point four percent; while transport decreased by three point three percent and all other goods and services went down by zero point eight percent. This resulted in an overall average change of zero point five percent. The inflation rate for the food and non-alcoholic beverage for October stands at one point seven percent mainly due to an increase of the food index where we saw an increase of vegetables by nine point eight percent, increase in the milk, cheese, and eggs index by one point eight percent; increases in oils and fats; cereals and cereal products – relatively most of the products increased in the food index. However it was offset by the reduction in some of the prices within the categories such as pork chops, pineapples and sweet pepper.”
In the housing, water, electricity, gas and other fuels category – rental prices were up by zero point nine percent, particularly in Belize City, Punta Gorda, San Ignacio and Santa Elena and Belmopan. And water was up by zero point four percent; electricity gas and fuels went down by twelve percent and the cost of LPG fell by fifteen percent where the average cost of a hundred pound cylinder is down to ninety-three dollars this October from one hundred and fifteen dollars the same month last year.
