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Sep 5, 2012

Economic Indicator: unemployment levels at record high

In economic indicators tonight, the unemployment level is at a record high; the joblessness is highest among women and youths. In households across the country there is less or no income, which means no purchasing power, and less money in circulation. To add to the woes of the unemployed, the cost of living keeps going up.  According to the Statistical Institute of Belize, in the eleven month period from February 2011 and January 2012, a one point three percent increase in the Consumer Price Index (CPI) was recorded.

 

The highest increases were in food items, which spiked by three point nine percent.  The prices increased across the board, including for basic food items which are a part of the daily consumption by Belizeans. For instance, the price of vegetables increased by as much as fourteen point seven percent as was the case for fresh produce such as black and red kidney beans. Other dietary staples such as oils and fats also rose by ten point one percent while products such as milk, cheese and eggs also peaked by seven point seven percent. Sea food went up by six point seven percent while chicken prices increased by five point two percent and just recently, there was an increase in the price of poultry of ten to twelve cents.

 

The spiraling cost of living hit daily commuters who experienced a four point three percent increase in the cost of transport services.  There was an overall increase in gasoline and diesel prices which rose by six point eight percent. Overall, the highest rate of inflation, or where sharp increases of price are recorded, is in Belmopan, where consumer prices rose by an average of two point three percent. This is almost double the national inflation rate which is at one point three. The lowest price increases are in Orange Walk and San Ignacio/Santa Elena.

 

With unemployment and the job market looking dismal, the overall price increases in daily food items is putting a huge strain on Belizeans. A word of advice would be to spend on the basics and avoid the temptation of living above your means.

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7 Responses for “Economic Indicator: unemployment levels at record high”

  1. Ricky Malthus says:

    SIB is just a propaganda machine for UDP and Barrow. It is a lie that inflation rate is 1.3 %. Just look at the several products price increases! They average over 12% from previous year’s average(CPI), so how can prices only increase 1.3% ? And we haven’t performed the calculus on fuel prices yet and all the other hidden taxes. Barrow really has convinced himself that belizeans are phenomenal fools to believe any BS. Either we are truly fools or SIB is run by greater fools. Either way Belize economy is in depression, unemployment is raging at 33.5%; there is runaway inflation which is equivalent to unannounced devaluation of our dollar. This augurs badly for business activities and it will take more than Hercules to extract us from under the Augean stables.

  2. Rod says:

    Am telling you my people barrow and his gov. Is leading you over the cliff imagine what will happen next year when things get even worse people will be killing each other for food to all the grocery owners unu Betta get out unu guns because unu aw start to get robbed daily how sad is it when a whole generation will be lost to murders and famine people unu need fu march to this pm house and demand he resigns from his job instead of marching fu 10 sept which means nothing instead march for your future and the future of your children if they are not killed by the time they reach the age of 10 worse pm and gov in the history of Belize. Where is all the oil money going I’ll tell you in the pm bank account in Miami and all his ministers bank accounts they won’t go hungry but you sure will if you keep this useless pm and gov march pa they kick them to the curb or starve.

  3. nq mercy for murderers says:

    it is appalling how the public works department had terminate those workers also especially with school reopening.there are families already struggling with children to feed and send back to school,bills to pay and every thing in between.Lord have mercy…what is the government doing to these people?this is one of the reason why our country is so crime riddled.The government is taking food out of the mouth of entire families,and they don’t care because they will eat,sleep,pay their bills,and send their children to school any how.what will you tell a child when there is no food to give him?please mr. ministers help these youths with job so they can feed their families.

  4. Instituto Nacional Para las Estadisticas en Belice says:

    CPI is not a measure of the inflation rate. Plus, the inflation rate and CPI are not explained with its relation to the purchase power of the consumer. That would be another study that should be done in Belice.

  5. Bear says:

    I just finished reading a book about the French Revolution, and I saw a lot of parallels between economic conditions for the average people in 18th century France and Belizeans today. Will heads roll here like they did in France?

  6. ixora says:

    indeed the cost of living is high,but which government makes it easy for belizeans . life is so sweet in belize, long live belize and the UDP government.
    its not only in belize but this is world wide.

  7. BetterBelize says:

    Well done Belize while the world economies and indeed the large economies in Europe and Asia are faltering Belize is doing relatively FANTASTIC!!!

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