Photo: These basic food items have increased to almost double their original price
The Statistical Institute of Belize (SIB) says that nationally the prices of goods and services rose by 6.2%.
by Charles Gladden
BELIZE CITY, Thurs. Jan. 12, 2023
This week, the Statistical Institute of Belize (SIB) held its first press conference of 2023 and presented the results of its most recent Consumer Price Index Survey, which indicate that there was a national inflation rate of 6.2% for the first eleven months in 2022.
The report outlines hikes in prices in virtually all categories of goods and services since November 2021, with some of the most pronounced price increases being noted in the “Transport” category, in which there was a price surge of 18.8%, mainly due to the increase in the cost of motor vehicle fuel. The price of diesel increased by $2.71—from $10.36 in November 2021 to $13.07 in 2022, while the price of regular gasoline went from $10.86 to $13.22, and the price of premium gasoline rose from $11.29 to $15.44—increases of $2.36 and $4.15, respectively.
Additionally, prices of food and non-alcoholic beverages increased by 7.3%. Notably, the price of basic food items such as rice and flour increased by 12.6% and 10.4% respectively, with the price of rice increasing from $1.38 to $1.56 per pound from the end of 2021 to November 2022 and the price of flour inching up from $1.07 to $1.14 per pound during that same period. The most dramatic increase within the Food and Non-Alcoholic Beverages category, however, was the price of pigtails, which rose by 38%.
The SIB also reported a 2.3% increase in prices in the “Housing and Utilities” category, a 17.7% increase in the price of liquefied petroleum gas, a 3.3% inflation rate for “Furnishings, Household Equipment, and Routine Household Maintenance”, and a 5.5% increase in prices in the “Restaurants and Accommodation Services” category.
Of all the municipalities, Orange Walk Town registered the highest inflation rate for January to November at 8.5%, while Belmopan showed the lowest rate at 4.8%