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BLZ | Aug 9, 2022

Belize records inflation rate of 6.7% in June

/ Our Today

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Higher prices for motor vehicle fuels, up by 27.7%

Belize recorded an overall national inflation rate of 6.7 per cent for the month of June 2022.

This indicates that consumers are paying more for those goods and services most typically purchased by Belizean households. Prices increases were most pronounced on motor vehicle fuels, transportation services, food, liquefied petroleum gas (LPG), restaurant services, entrance fee to cinemas, and household cleaning products.

This was mainly due to higher prices for motor vehicle fuels (27.7%), transportation (19.4%) services, food (7.6%) and LPG (27.1%). The cumulative inflation rate for the first six months of 2022, when compared to the same period in 2021, stood at 5.6 per cent.

Transport category up 50% year-over-year

The ‘Transport’ category, accounting for almost 50 per cent of the year-to-date inflation, was up by 17.7 per cent for the first half of 2022. This reflected in the main higher prices for fuel, which were 26.7 per cent higher relative to the comparative period of 2021.

‘Food and Non-Alcoholic Beverages’ rose by 5.7 per cent. The ‘Housing, Water, Electricity, Gas and Other Fuels’ category had a cumulative inflation rate of 2.9 per cent, mainly due to a 28.4 per cent increase in LPG prices and higher costs for construction material for household use.

The increases were, however, partially offset by a 0.8 per cent reduction in the ‘Information and Communication’ category, as a result of lower prices for internet provision services. Prices for ‘Restaurants and Accommodation Services’ saw an overall increase of five per cent for the month of June 2022 when compared to June 2021, due, for the most part, to higher prices for restaurant and cafe services.

Inflation rates by municipality

Among the country’s municipalities, Orange Walk Town experienced the highest rate of increase in consumer prices for June 2022, with an inflation rate of 9.6 per cent. Consumers in this town saw above average increases in prices for various food items, home rental costs, restaurant services, laundry products, soaps, detergents, women’s clothing, and men’s and women’s haircuts.

On the other hand, the village of Independence recorded the lowest inflation rate at 5.1 per cent, as consumers in this town saw lower than average increases in prices for food items and restaurant services.

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