INFLATION RATE 4.1% - LOWEST SINCE 2021

Belmopan, May 31, 2023

The inflation rate slowed down to 4.6 percent last month, the lowest rate reported since 2021, based on the Consumer Price Index (CPI), which was 113.9 last month, up from 108.9 same time last year, as published by the Statistical Institute of Belize in Belmopan on Wednesday, May 31.

Food prices went up 14.3 percent, causing three quarters of the increase. The government has tried not to put its finger on the scale for locally produced commodities, allowing market supply and demand to control prices, but higher costs on agricultural inputs of fertilizer and pesticides have driven up the prices of almost all local food staples, despite slightly lower fuel prices.

Grains went up 18.8 percent overall, with flour for bread up by 23.9 percent to $1.39/lb, rice was up 19.4 percent to $1.70/lb, and a smaller increase on corn for tortillas. Natural milk went up 19.2 percent from $3.13 to $3.74 per liter; cheese increased 10.9 percent to $14.17 per pound, and eggs went up 22.1 percent, to 38 cents each.

Meats were up 8.3 percent, as ground beef hiked 17.4 percent to $6.60/ pound, beef steak was up 8.4 percent to $9.21/lb, whole chicken went up 4.8 percent to $3.12/lb; and turkey – 8.8 percent to $5.63/lb. Fish increased slightly 1.7 percent to $8.08/lb. Only pigtails fell 17.3 percent to $6.25/lb. Imported vegetable cooking oil jumped 33.6 percent to $6.41/ liter. Coconut milk leaped 45.3 percent to $5.03 for 400 mls.

Fresh fruit went up 11.8 percent, as oranges went up 28.7 percent, watermelons were up 9.6 percent to 86 cents/ lb, bananas went up 1.6 percent to 16 cents each, while pineapples got 25.2 percent cheaper – 24 cents/lb. Vegetable prices increased 9.9 percent overall;

5 FEB 2023 onions went up 19.1 percent to $2.54/lb, and Irish potatoes increased 10.8 percent to $2.64/lb. But cabbage fell 27.3 percent to $1.50/lb, tomatoes were down 25.7 percent to $2.06/lb, and sweet peppers reduced fractionally to $3.41/lb. Red kidney beans fell 8.2 percent to $1.82/lb and black beans down 2.8 percent to $1.96/lb.

Keeping the house clean cost 4.8 percent more for cleaning products, and personal care and hygiene products cost 3 percent more. But utility bills increased by only 1.6 percent, as housewives enjoyed an 18.0 percent drop in the price of butane cooking gas to $122.96 for 100 lbs. Eating out cost more; as restaurant and hotel rates went up 10.4 percent. Higher fees at cinemas, nightclubs and higher pet food prices caused a 9.3 percent increase in the cost of recreation. Lower fuel prices saw a marginal 0.7 percent increase in transportation costs, as diesel fell 7.8 percent to $12.47/gal, regular gasoline dropped 6.2 percent to $12.74/gal, and premium down by 1.3 percent to $14.23/gal. Taxi fares went up 18.9 percent, bus fares were up 3.7 percent, and international airfares went up 75 percent compared to last year.