Belmopan- According to the Statistical Institute Belize (SIB), during the month of September 2017 the All-Items Consumer Price Index (CPI) stood at 104.4, a 0.7 percent increase from 103.7 in September of 2016. On average, Belizean households experienced a 0.7 percent increase in the cost of regularly purchased goods and services when compared to the same month of last year. For the first nine months of 2017, a year-to-date inflation rate of 1.2 percent was recorded.
An overall 1.1 percent decline in prices for the ‘Food and Non-Alcoholic Beverages’ category during the month was solely due to a decrease in ‘Food’ prices. Various food items, including ground beef, beef steak, pig tail, whole chickens, flour, eggs and milk recorded average price decreases for the month. The price of of Alcoholic Beverages and Tobacco’ however, saw a 7 percent increase in comparison to September of 2016. The increase is a reflection of the increase in excise tax earlier in the year.
By far the largest increase was seen in the transport sector, with an increase of 6.6% compared to September 2016. Higher international airfares coupled with the effects of last year’s increase in domestic bus fares contributed significantly to this rise in transport costs.
In addition, prices within the ‘Fuels and Lubricants’ category saw a 5 percent increase, with prices rising across all fuel types. The price per gallon of Premium gasoline rose by 16 percent from $9.63 in
September 2016 to $11.17 in September 2017, while Regular gasoline prices increased by 11 percent from $9.35 to $10.38, and the price per gallon of Diesel was up 15 percent from $8.18 to $9.40.
The Government recently stated that they expected the prices at the pump to decline again in the near future as they had influenced by a temporary confluence of factors leading to higher fuel prices.