by Kristen Ku
BELIZE CITY, Thurs. July 13, 2023
Belize’s Consumer Price Index (CPI) for May 2023 has risen 3.7% since the same period last year, marking the lowest monthly inflation rate since July 2021, according to data published on July 12, 2023, by the Statistical Institute of Belize (SIB).
The All-Items CPI stood at 113.9, up from 109.9 in May 2022. This spike is almost entirely due to higher food costs.
The ‘Food and Non-Alcoholic Beverages’ category accounted for four-fifths of the national inflation rate, followed by ‘Restaurants and Accommodation Services.’
Specifically, prices of ‘Food and Non-Alcoholic Beverages’ were 11.8% higher than they were in May 2022, with the ‘Food’ sub-category alone showing an inflation rate of 13.3%. Increases were seen in the prices of various food products, including cereals (15.2%), dairy products (22.7%), fresh vegetables (12%), meats (7.5%), fresh fruits (15.2%), and oils and fats (19.9%).
The prices within the ‘Restaurants and Accommodation Services’ category saw a 12.6% rise compared to the same month of the previous year. Likewise, within the categories of ‘Recreation, Sport and Culture’, and ‘Furnishings, Household Equipment, and Routine Household Maintenance’ there was an overall price increase of 5.6% and 4.7%, respectively.
Meanwhile, prices in the “‘Personal Care, Social Protection, and Miscellaneous Goods and Services’ and ‘Health’ categories increased by 3.1% and 4.4%, respectively.
In contrast, a decline of 3.9% was recorded in the ‘’Transport’ category, mainly due to lower prices across all types of motor vehicle fuels. Furthermore, there was a price decrease of 0.9% in the “Water, Electricity, Gas and Other Fuels’ category due to a significant reduction in LPG prices. The ‘Information and Communication’ category also saw a drop of 2.1% in prices due to lower rates for internet provision services.
Among the municipalities, San Pedro Town recorded the highest inflation rate at 5.9%, while Corozal Town had the lowest at 1.5%.
In a month-to-month comparison, between April 2023 and May 2023, consumer prices rose marginally by 0.2%. While some categories saw a price increase, the ‘Transport’ category saw a 1.8% decline due to a fall in fuel prices.
The cumulative inflation rate for the first five months of 2023 stood at 5.4% when compared to the same period in 2022. The ‘Food and Non-Alcoholic Beverages’ category was the main contributor, with prices within this category up by 13.9% compared to the first five months of the previous year.
On the other hand, prices in the ‘’Housing, Water, Electricity, Gas and Other Fuels’ category declined by 0.7% due to lower LPG prices.
The Statistical Institute of Belize continues to monitor these trends closely.