CONSUMER PRICES UP SLIGHTLY
BY 0.7% IN SEPTEMBER, THIRD QUARTER with Gross Domestic Product
The All-Items consumer price index rose marginally
to 103.6 in September 2014, increasing from 102.8 in
the same month last year. The national inflation rate
for the month was 0.7 percent, slightly lower than the
0.9 percent recorded in August of this year. For the first
nine months of 2014, the overall inflation rate was 1.3
As was reported last month, the Food category recorded
small price decreases across sub-categories. Most
notably, prices for Breads and Cereals declined by 1.2
percent while vegetables, which had seen continuously
rising prices since last year, were down by 2.1 percent.
Continuing the upward trend first recorded earlier
this year, home rental prices were 2 percent higher
than in September 2013. Increases for this item were
recorded across all municipalities except Corozal Town.
Insurance premiums were also higher in comparison to
last September, with health and motor vehicle insurance
up by 3.3 percent and 6.1 percent, respectively.
With an inflation rate of 1.5 percent, more than double
the national inflation rate, San Ignacio/Santa Elena
recorded the highest rate of price increase for the month.
The lowest was in Corozal Town, where consumer
prices rose by a negligible 0.2 percent compared to the
same month last year.
Latest trade statistics released by the Statistical
Institute of Belize show that for the month of September
2014, the total value of goods imported into Belize was
$163.6 million, a 9.6 percent or $14.3 million increase
from $149.3 in September of last year.
‘Mineral Fuels and Lubricants’ accounted for almost
a half of the increase in the value of imported goods
during the month, growing by more than $6 million to $25
million, mostly as a result of increased diesel imports.
‘Machinery and Transport Equipment’ rose from $30.8
million to $34.3 million due to higher imports of water
pumps and motor vehicles. Increased purchases of lard
and shortening, coffee, canned sausages and animal
feed led to a $2.3 million growth in ‘Food and Live
Animals’ for the month.
While the United States remained the country’s largest
source for imported goods, Central America overtook
China as the second largest, owing to increases in
purchases of plastic pipes, butane, and fertilizer from
that region. Curaçao was the third largest, due to higher
fuel imports for the month.
For the nine-month period from January to September
2014, Belize’s total imports were valued at $1.5 billion,
up 6.9 percent or $93.9 million when compared to the
first nine months of 2013. Diesel and butane imports
were major contributors to this increase, as were imports
of motor vehicles for the transportation of goods and for
personal transport. Goods destined for the Commercial
Free Zones declined by over $29 million during the first
nine months of this year, while those going to the Export
Processing Zones rose by more than $21 million.
Here are S.I.B's latest releases:
September 2014 External Trade Bulletin,
September 2014 Consumer Price Index
Statistical Institute of Belize
1907 Constitution Drive