Consumer Price Index unchanged, imports down 39.7% and domestic exports down 0.8% in May 2020
Consumer Price Index
Figures released by the Institute show that the All-Items Consumer Price Index for May 2020 stood at 105.1. This was unchanged from the All-Items CPI that was recorded in May 2019. However, this does not indicate that there were no changes in the prices of items within the basket of selected goods and services commonly purchased by Belizean households when compared to last May. Higher prices for a number of basic food items as well as home rental costs were balanced out by significant reductions in prices for fuel and liquefied petroleum gas during the month. The cumulative inflation rate for the first five months of 2020, when compared to the same period in 2019, stood at 0.2 percent.
Click the following link to read more: Consumer Price Index, May 2020
In May 2020, Belize imported goods valuing $102.1 million. This represented a dramatic decrease of 39.7 percent or $67.3 million from the same month last year. Merchandise imports for the first five months of this year, January to May 2020, amounted to almost $690 million, representing a 10.6 percent or $81.8 million decrease from the same period last year.
The total value of Belize’s domestic exports for May 2020 amounted to almost 37 million, down by a negligible 0.8 percent or $0.3 million when compared to exports for May 2019, which were valued at 37.3 million. Merchandise exports for the first five months of this year, January to May 2020, amounted to $149.3 million, down 16 percent or $28.4 million from the same period last year.
Click the following link to read more: External Trade, May 2020
Statistical Institute of Belize Releases Latest Figures
The Statistical Institute of Belize has released its latest figures for May, which was the second month of .of the corona virus lockdown. According to the S.I.B. higher food and home rental costs balanced out by fuel and LPG prices resulted in no overall change in the consumer price index when compared to the same time last year. However, this does not indicate that there were no changes in the prices of items. The Food and Non-alcoholic beverages saw a notable increase of one point one percent due primarily to the spike in prices for fresh produce. Consumers say a significant increase the price of potatoes, oranges, tomatoes, sweet peppers, onions and cabbages. Lesser increases were seen in the prices for rice and eggs. Orange Walk Town recorded the highest inflation rate at one point seven, while Punta Gorda Town experienced a deflation of two point three percent. Imports in May decreased by thirty-nine point seven percent; domestic exports also decreased by zero point eight percent. Imported goods also went down to one hundred and two million dollars, which is a drop of sixty-seven point three million dollars when compared to May 2019. Domestic exports for May 2020 amounted to thirty-seven million dollars, down by three hundred thousand dollars when compared to May 2019. The United Kingdom was Belize’s biggest buyer for the month.