Inflation continues on a 14 year high with June registering a 6.7% inflation rate - smilier to May's 6.6%. These highs have not been seen since 2008.
So what's driving prices up? Well, the Statistical Institute of Belize says this was mainly due to higher prices for fuel, transportation, food, butane, and household cleaning products.
Inflation was at almost 20% in the the 'Transport' category, where fuel prices, which were up by 27.7 percent on average, compared to June of last year. There were higher bus fares, taxi fares, and sea fares across the country. Food prices were up by by 7.6 percent in June including high prices for rice, flour and bread; meats - including poultry, beef, and pork; cooking oils; fresh produce, including watermelons, cabbages, and Irish potatoes; and dairy products, such as natural milk and eggs. Cabbage was up by 60% and pigtail was up by 40%.
Prices were down for some food items, however, including fresh produce such as tomatoes, bananas, oranges, sweet peppers, black beans, and red kidney beans.
Which municipality saw the most inflation? Well, Orange Walk Town experienced the highest rate of increase in consumer prices for June 2022, with an inflation rate of 9.6 percent. Consumers in this northern town saw above- average increases in prices for food items, home rental costs, restaurant services, laundry products, soaps, detergents, women's clothing, and men's and women's haircuts.
On the other side of that, the southern village of Independence recorded the lowest inflation rate at 5.1 percent, as consumers in this town saw lower than average increases in prices for food items and restaurant services.
