Consumer Price Index
CONSUMER PRICES DOWN 0.7% IN AUGUST 2019: FOOD, EDUCATION UP; HEALTH, AIRFARE, RENT DOWN
ALL-ITEMS: For the month of August 2019, results from the Statistical Institute of Belize's
monthly Consumer Price Index (CPI) survey showed that the All-items CPI stood at 104.6,
a decrease of 0.7 percent from 105.4 in August 2018 (see Figure 1). This indicated that, on
average, Belizean households experienced a decrease of 0.7 percent in the prices of regularly
purchased goods and services during the month of August 2019 when compared to August
2018. Higher prices for various food items, Liquefi ed Petroleum Gas (LPG), electricity tariff s
and tertiary education were off set by lower prices for home rentals, fuels, surgery fees and
international airfares. The cumulative infl ation rate for the fi rst eight months of 2019, when
compared to the same period in 2018, stood at -0.1 percent.
FOOD & NON-ALCOHOLIC BEVERAGES and ALCOHOLIC
BEVERAGES: The 'Food and Non-Alcoholic Beverages'
category saw an overall increase of 0.9 percent during the month of August 2019 when
compared to August 2018 (see Figure 2). This was due in large part to a noticeable rise in
the average prices of several vegetable products, including sweet peppers, onions, tomatoes,
cabbages and lettuce. Additionally, higher prices were recorded for eggs and various meat
products, including beef steak and chicken parts, specifi cally legs and breasts. The eff ects of
these higher prices were, however, counteracted in part by decreased prices for other items
such as ground beef, pork chops, whole chickens, pig tails, red kidney beans, watermelons,
oranges and limes (see Table 1).
TRANSPORT: Prices within the 'Transport' category declined overall
by 1.8 percent during the month (see Figure 2). This was mainly
due to lower international airfares, which were down by 11.3 percent
compared to August of 2018. Additionally, a 3.4 percent decrease
was observed in the 'Fuels and Lubricants' sub-category, with all fuel
types recording decreases when compared to the same month last
year. At the pump, the average price per gallon of Premium gasoline
went down by 4.3 percent from $11.71 in August 2018 to $11.21 in
August 2019, Regular gasoline declined by 3.7 percent from $11.03
to $10.63, while the price per gallon of Diesel fell by 4.2 percent from
$10.65 to $10.21 (see Table 1). Even though, the cost of maintenance
and repair of personal vehicles saw an increase of 7.1 percent, it
was insuffi cient to off set the decreases in fuel prices and international
airfares.
HOUSING, WATER, ELECTRICITY, GAS AND OTHER FUELS: With prices down, on average, by 3.4 percent compared to the month
of August 2018, 'Housing, Water, Electricity, Gas and Other Fuels'
was the main category exerting downward pressure on consumer
prices during August 2019 (see Figure 2). Home rental costs, which
holds the largest share of any individual item within the average
household budget, recorded a signifi cant average national decrease
of 3.8 percent. In fi ve of the country's municipalities that are included
in the CPI survey, namely Belize City, Belmopan City, San Ignacio/
Santa Elena, Dangriga Town and Punta Gorda Town, prices for this
item were down in comparison to August of 2018. Nonetheless, this
decrease was partially off set by a 5.2 percent rise in electricity tariff s,
which are the result of a rate increase that took eff ect in January
2019. Moreover, LPG prices were 1.1 percent higher than they were
in August 2018, with the average cost of a 100-pound cylinder up
from $114.59 in August 2018 to $115.90 in August 2019 (see Table 1).
ALL OTHER GOODS AND SERVICES: For the month of August 2019,
the remaining categories of goods and services saw a small increase
in prices of 0.5 percent (see Figure 2). This was mainly due to an
increase in prices for men's and women's clothing, tertiary education,
health insurance premiums and vehicle insurance premiums. These
increases were, however, somewhat counterbalanced by a decrease
in the 'Health' category, as a reduction in surgery fees was recorded
for the month of August 2019.
INFLATION RATES BY
MUNICIPALITIES: For the first month since
the start of 2019,
Orange Walk
Town experienced
the highest rate
of increase in
consumer prices,
with an infl ation
rate of 2.7 percent
for August 2019.
Consumers in this
municipality saw
above average
increases in prices
for food items
and home rental
costs. On the other
hand, Dangriga
Town continued
to experience the
lowest infl ation rate,
with prices going
down by 4.9 percent
on average, as this
town saw a reduction
in home rental costs
during the month
(see Figure 3).
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External Trade Bulletin
IMPORTS DOWN 1.7%,
DOMESTIC EXPORTS UP 101.9% IN AUGUST 2019
IMPORTS
AUGUST 2019: Belize's total imports for the month of August 2019 were valued at $169.5 million. This was a decrease
of 1.7 percent or almost $3 million from imports for August 2018, which totaled $172.5 million.
Decreasing Categories: Decreased imports across four of the major categories led to this overall drop
for the month. Owing for the most part to diminished imported quantities of kerosene and diesel fuels,
the 'Mineral Fuels and Lubricants' category declined by $4.1 million, from $24.2 million in August
2018 to $20.1 million August 2019. Imports of goods classified as 'Other Manufactures' went down
from almost $16 million to $13.4 million, mainly due to smaller purchases of books, lamps and lighting
fixtures, and prefabricated steel buildings. Expenditures on 'Machinery and Transport Equipment'
shrank from $38.7 million to $36.6 million, as the country bought less high-value transportation
equipment in August of this year, than it did for that same month last year. Furthermore, with reduced
imports of chemical wood
pulp and shrimp feed,
goods destined for the
'Designated Processing
Areas', formerly known
as the 'Export Processing
Zones', fell from $3.7 million
in August of last year to just
above $2 million in August
2019.
Increasing Categories: Despite the slight downturn
in total imports for the
month, greater purchases
were recorded for a
number of categories.
The 'Chemical Products'
category grew notably from
$13.7 million in August of 2018 to $16.1 million in August 2019, due to bigger imports of fertilizers,
PVC pipes and medicines. Imports of 'Manufactured Goods' rose from a little over $22 million to
$23.6 million, owing mostly to increased purchases of carton boxes, screws and bolts, as well as
metal structures and their parts. In addition, on account of boosted imports of hard liquor, cigarettes
and aromatic bitters, the 'Beverages and Tobacco' category went up from $3.3 million in August 2018
to $4.6 million in August 2019. Imports into the 'Commercial Free Zones' rose from just above $29
million to $30.3 million, with items such as clothing and standing fans being among the increased
purchases. Also, with heightened food imports, specifically powdered and condensed milks and
canned corned beef, there was an uptick in the 'Food and Live Animals' category from $16.7 million
to $17.7 million.
FIRST EIGHT MONTHS OF THE YEAR: Merchandise imports for the first eight months, January to
August 2019, amounted to $1.3 billion, representing a 3.2 percent or $40 million increase from the
same period last year.
Increasing Categories: Imports across most commodity categories grew
over the eight-month period, with the largest recorded increases being
in the categories of 'Mineral Fuels and Lubricants' and 'Manufactured
Goods'. Attributable to greater imported quantities of diesel and
kerosene fuels, the 'Mineral Fuels and Lubricants' category rose by
$18.5 million, from $182.5 million in 2018 to just above $201 million
in 2019, while imports of 'Manufactured Goods' went up from $159.7
million to $176.3 million, due to larger purchases of steel structures,
corrugated steel rods and carton boxes. In addition, higher imports of
clothing prompted an almost $9 million increase in goods meant for the
'Commercial Free Zones', with that category growing from $204.8 million
in 2018 to $213.8 million in 2019. The 'Food and Live Animals' category
went up from just above $147 million to $152.4 million, as a result of
bigger purchases of lard (shortening), and powdered and boxed milks.
Imports of 'Crude Materials', such as pine lumber and seeds, rose
from $18.8 million in 2018 to $22.4 million in 2019, while purchases
of 'Chemical Products', including fertilizers and PVC pipes, increased
from $117.4 million to $120.6 million. Furthermore, heightened imports
of hard liquor, supplemental nutrition drinks and wines largely led to an
increase in the 'Beverages and Tobacco' category, from $24.6 million
in 2018 to $26.8 million in 2019. The 'Oils and Fats' category grew from
$11.5 million to $13.2 million over the period, resulting from boosted
imports of cooking oils, including soybean and coconut oils.
Decreasing Categories: On the other hand, the categories of 'Other
Manufactures', 'Machinery and Transport Equipment' and 'Designated
Processing Areas' all fell notably over the eight-month period. The
'Other Manufactures' category declined from $102.3 million in 2018 to
$94.1 million in 2019, due mostly to decreased purchases of surveying
equipment, lamps and lighting fixtures and gold jewelry, while the
'Machinery and Transport Equipment' category was down, from $261.7
million to $256.2 million, owing to reduced imports of fiber optic cables,
telecommunications equipment and electrical circuit protectors. Imports
into the 'Designated Processing Areas' dropped from approximately
$28 million in 2018 to $22.5 million in 2019, with shrimp feed and
food processing machinery and their parts being among the goods in
decline over the period.
DOMESTIC EXPORTS
AUGUST 2019: Total domestic exports for August 2019 amounted to
$45.5 million, up substantially by 101.9 percent or almost $23 million
when compared to exports for August 2018, which were valued at
$22.6 million.
Increasing Categories: As has been the case in other months this year,
sugar was almost entirely responsible for the substantial difference
in domestic exports between August of 2018 and August of this year,
owing to variations in the scheduling of bulk sugar shipments from
one year to the next. Earnings from sugar rose sharply, from only
$0.6 million to $23.6 million, due to the fact that there were bulk sugar
shipments recorded during August 2019, while there were none in the
same month of last year. Revenues from marine products went up only
marginally, from $4.6 million to $5.3 million, due mostly to improved
exports of lobster products for the month.
Decreasing Categories: The month saw a minimal decline in earnings
from citrus exports from $4.8 million in August 2018 to $4.1 million in
August 2019, due primarily to falling sales of orange concentrate, while revenues from banana exports also went down, from $5.9 million to
$5.5 million. Among the other export commodities, a notable reduction
in exports of sawn wood was recorded, as revenues from this product
dropped from $1.3 million in August 2018 to less than $0.2 million in
August 2019.
Major Destinations: Consistent with the substantial earnings from
exports of bulk sugar for the month, earnings from the United States of
America rose considerably from $6.8 million in August of 2018 to nearly
$18 million in August 2019, while revenues from the United Kingdom
also grew significantly, from $3.8 million to $13.4 million. In contrast,
exports to the European Union, which were valued at $5.3 million in
August of last year, dropped by $1.3 million to a little over $4 million,
as exports of orange concentrate were redirected elsewhere in August
of this year.
FIRST EIGHT MONTHS OF THE YEAR: Merchandise exports for the
period January to August 2019 totaled just above $298 million, up 6.9
percent or $19.2 million from $278.8 million for the same period last
year.
Increasing Categories: A surge in earnings from sugar, coupled with
marked increases from both banana and marine exports led to this
overall growth over the first eight months of the year. Notwithstanding a
drop in world market prices, revenues from sugar rose sharply by more
than $23 million, from $86.5 million in 2018 to $110.2 million in 2019,
due to a considerable 34.9 percent increase in exported quantities of
this commodity over the period. Earnings from bananas went up from
$46.3 million to $51.6 million, while revenues from improved sales of
lobster products and shrimp led to an increase in marine exports from
approximately $23 million in 2018 to $25.2 million in 2019.
Decreasing Categories: Despite the increase in total exports, the
period saw a particularly steep decline in exports of citrus products.
Owing mostly to reduced shipments of orange concentrate, along with
diminished sales of orange oil, earnings from citrus exports dropped by
nearly 29 percent or $17.5 million, from $60.6 million in 2018 to $43.1
million in 2019. Additionally, due largely to falling world market prices,
revenues from crude petroleum exports fell by almost $3 million, from
$15.9 million to $12.9 million over the eight-month period.
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You may download the entire series for both External Trade and CPI in Excel format from the Statistical Institute of Belize website: (http://www.sib.org.bz/statistics)