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Oct 12, 2012

Consumer Price Index shows inflation on the rise

Price inflation is a rise in prices for goods and services. Even though, inflation may seem at first like an invisible cost, it is not; and like an invisible thief, it deprives its victims of purchasing power. The entire nation is a victim of inflation and low income persons are the most affected.  The recent reports by the Statistical Institute of Belize show that inflation in the past eight months went up, particularly in food prices and healthcare. The August SIB report shows that the average inflation rate went up to one point seven percent; an increase of point six percent over last year.  The health sector experienced the highest increase, by as much as six point eight percent. According to the report, “Increases in hospital accommodation, fees and surgery costs were the main causes in the upward movement of the health index.” There were also increases in ‘Food and non-Alcoholic beverages’ which went up by point five percent. In respect of food; meat, milk and eggs went up while vegetables went down.  Recreation and culture also shot up by five percent and miscellaneous goods and services also increased by four point one percent due to a rise in motor vehicle insurance costs. We note, however, that there were price decreases in furnishing, household equipment and routine household maintenance by one point nine percent, transport decreased slightly by point six percent;  while education by two point two percent and restaurants and hotels by point seven percent. The fall in transport prices is attributed to lower prices in international airfares and according to SIB, the reductions were offset by higher motor oil prices which went up as much as eleven point two percent. All be told, your purchasing power declined as inflation rose one point seven percent in the first eight months of the year. Economic indicators will have a more in depth look at the Consumer Price and as to the factors determining their attributed increases

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3 Responses for “Consumer Price Index shows inflation on the rise”

  1. Ricky Malthus says:

    Our research shows that the central culprit as the cause of inflation is the corrupt Government of Belize. Invisible you say, but it is not . Inflation is tangible. You see it, feel it, and touch it when you go shopping. the only way we can mitigate the ravages of inflation is to force the government to resign; return to the drawing board and mandate reduction and/or elimination of custom duties, gasoline and other fuel prices, elimination of corruption, elimination of GST( double Taxation), change parliamentary government to government by the people, and cut the waste in government. If we can do this , great. If we can’t, then everything else is gibberish.

  2. Storm says:

    Every time fuel prices rise ALL other goods must rise, because it takes fuel to deliver them, etc. That’s happening around the world.

    A forward-looking GOB would have people finding ways to bring down fuel costs in the Jewel. As it is, the high [prices are like a crushing tax on most of the hardworking people of the country, having a bad impact on their lives every single day. I'm sure we all [well, all except the oligarchs like Barrow and Vega who run GOB and getter richer by the day from their official positions] know people who have to choose between fuel and buying medicine for the kids and have to give up chicken for meals.

    Just lowering the GST on fuel would give some welcome relief.

  3. Truth says:

    right another 34 percent increase in tax , exactly what is happening in fuel and just another excuse to add more and more tax. yet those who suffer aren’t the ones in upper class they always getting exemptions ..

    lone !@$$!

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