S.I.B. Press Conference: Inflation at 5.4% So Far for 2023
Today, the Statistical Institute of Belize held its quarterly press conference, looking primarily at the first quarter of 2023. The presentations centred on the April 2023 Labour Force Findings, the gross domestic product estimates of the first quarter of this year as well as the consumer price index and the external trade data from January to May of 2023. The reported findings were for the most part expected as the impacts are felt at the community level. News Five’s Duane Moody files this report.
Melvin Perez
Melvin Perez, Statistician II, S.I.B.
“San Pedro and Punta Gorda Towns experienced the higher increase in consumer prices with an inflation rate of seven point seven percent. Consumers in these two towns saw above average increase in prices for food items, restaurant services, females and men’s clothing, laundry products, soaps and detergents, home rental costs, taxi fares, pet foods, personal hygiene products and men’s and women’s haircuts. On the other hand, the city of Belmopan expected the lowest cumulative inflation rate with a three point eight percent.”
Duane Moody, Reporting
It’s a reflection of the high cost of living that the country is facing at this time, where the price of goods is at an all-time high, despite a recovering economy. The consumer price index looks at the changes in cost of goods and services over the years and is used to track the rate of inflation. The data is showing that from November 2020 through to May 2023, there has been an overall increase of thirteen point five percent. This upward trend was primarily for food and fuel.
Melvin Perez
“Although there were some minor decreases in the year 2023, prices remain higher on average compared to the average prices of 2022 which is why it reflects a cumulative inflation rate of five point four percent.”
As it relates to the gross domestic product, the Statistical Institute of Belize is recording a growth in the economy for the first quarter of the year. Goods and services are up by eleven percent to one point four-four-six-five billion dollars. This is despite primary industries such as agriculture, forestry, fishing and mining going experiencing an overall decrease of six point five percent over that same period when compared to 2022 figures.
Christopher Hulse
Christopher Hulse, Statistician II, S.I.B.
“Sugar cane saw an increase of seven point six percent and this is mainly due to a late start at the end of last year. Banana saw a significant decrease from twenty-one point three metric tons to nine point three thousand metric tons for first quarter 2023. This is a decrease of fifty-six point five percent and this is mainly due to the high cost of inputs, disease pressure, adverse weather conditions as well as labour shortage in the banana industry. Citrus saw a decrease of sixty-five percent from twenty-four point one thousand metric tons to eight point four thousand metric tons. This is due to loss of acreage, citrus greening, labour shortage and again the cost of inputs. Overall livestock saw a five percent increase with cattle showing a one percent decrease, but this is offset by pig going up by nine point two percent and poultry by ten point three percent.”
Interestingly, beverages were up by thirty-three point five percent, but that was qualified by the rebounding of the tourism industry. Meanwhile, imports are down by three point four percent and domestic exports down by fifty-three point five percent.
Tiffany Vasquez
Tiffany Vasquez, Statistician II, S.I.B.
“For the period January to May 2023, Belize’s imports were valued at almost one point one billion dollars; this represented a relatively marginal decrease of one point two percent or thirteen point two million dollars when compared to that same period in 2022. Export earnings were down considerable across all major exports and other key exports. As a result, Belize’s export earnings for the period January to May 2023 which were valued at one hundred and fifty-four point four million dollars represented a decline of more than twenty-five percent or fifty-one point seven million dollars when compared to exports for the same period in 2022.”
Duane Moody for News Five.
