Consumer Price Index shows inflation on the rise

Price inflation is a rise in prices for goods and services. Even though, inflation may seem at first like an invisible cost, it is not; and like an invisible thief, it deprives its victims of purchasing power. The entire nation is a victim of inflation and low income persons are the most affected.  The recent reports by the Statistical Institute of Belize show that inflation in the past eight months went up, particularly in food prices and healthcare. The August SIB report shows that the average inflation rate went up to one point seven percent; an increase of point six percent over last year.  The health sector experienced the highest increase, by as much as six point eight percent. According to the report, “Increases in hospital accommodation, fees and surgery costs were the main causes in the upward movement of the health index.” There were also increases in ‘Food and non-Alcoholic beverages’ which went up by point five percent. In respect of food; meat, milk and eggs went up while vegetables went down.  Recreation and culture also shot up by five percent and miscellaneous goods and services also increased by four point one percent due to a rise in motor vehicle insurance costs. We note, however, that there were price decreases in furnishing, household equipment and routine household maintenance by one point nine percent, transport decreased slightly by point six percent;  while education by two point two percent and restaurants and hotels by point seven percent. The fall in transport prices is attributed to lower prices in international airfares and according to SIB, the reductions were offset by higher motor oil prices which went up as much as eleven point two percent. All be told, your purchasing power declined as inflation rose one point seven percent in the first eight months of the year. Economic indicators will have a more in depth look at the Consumer Price and as to the factors determining their attributed increases