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Jun 9, 2022

Minister Coye: Inflation Rate Linked to Belize’s Need to Import

Today the media got a chance to speak with the Minister of State in the Ministry of Finance, Chris Coye, on matters of the economy, one of which included inflation and its effects on people’s pockets. Coye explained that while prices are indeed high, considering the fact that Belize relies heavily on imported goods, our rate of inflation locally is still lower than in the U.S.

 

Chris Coye

Chris Coye, Minister of State, Finance

“Belize’s economy in rough terms, it’s a four billion-dollar economy. We import roughly two billion dollars. We export half a billion dollars. Clearly our economies significantly impacted by what occurs outside Belize and that translates through imports into what happens in Belize. Inflation I won’t say is a US phenomenon; it’s currently a global phenomenon. The inflation in the developed countries – in Europe – they’re also very high, but for us, our major trading partners, which includes the US, is exceedingly high. It’s far more than what the inflation is in Belize. The last monthly report indicated that inflation was around eight percent in the US. For Belize we’re around five percent, so we are sixty percent less than what the inflation is in the US, but the fact of the matter is we do have inflation. We are seeing prices go up largely because of the fuel costs and largely is impacted by the war in Ukraine, but also by supply chain issues and demand issues even before the war in Ukraine.”

 

Coye expressed hope that the factors that are causing fuel prices and the cost of other commodities to rise – mainly the war in Ukraine – will be over by the time the government’s six-month-long intervention to provide an ease on the fuel prices to those most affected in the tourism, agriculture and bus industries expires.


Viewers please note: This Internet newscast is a verbatim transcript of our evening television newscast. Where speakers use Kriol, we attempt to faithfully reproduce the quotes using a standard spelling system.

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