Consumer prices shot up by record high 9.6%

Earlier in this newscast we reported on the economic impact caused by the floods that have hit most parts of Belize. The news was not good and to add to the bleak picture, information released today by the Statistical Unit, confirms the pain consumers have been experiencing. The figures show that consumer prices rose by a whopping nine point six percent in the past year, between August 2007 and August 2008. And it is the record highest increase in the last twenty-five years. According to the Statistical Unit, the rate of inflation was caused by price increases of seventeen point nine percent and nine point one percent in food, beverage and tobacco as well as in transportation and communication. The substantial hike in respect of food items was recorded in staples on your table: flour went up sixty-five point five percent, rice by fifty-four point nine percent, red kidney beans forty-two point nine percent and bread thirty-four point six percent. Fuel prices shot up and the highest increase registered is in diesel prices of forty-four point eight percent, butane by twenty point six percent and gasoline by nine point three percent. And if you fell ill, the cost of medical care went up by four point two percent, which was just behind the increases of four point six percent in rent, water, fuel and power prices. The Statistical Unit is predicting that the rate of inflation for this year will be in the range of seven percent.