Today, the Statistical Institute of Belize published its latest statistics on the consumer price index, external trade, and the consumer confidence index for June 2024.
Consumer Price Index
Results from the Statistical Institute of Belize’s monthly Consumer Price Index (CPI) survey showed that, for June 2024, the All-Items CPI, which summarizes price levels across all categories of consumer goods and services, stood at 118.4. This increased from 114.1 recorded in June 2023, indicating a national inflation rate of 3.7 percent.
Click the following link to read more: Consumer Price Index, June 2024
Merchandise Trade
Belize’s total imports of goods for June 2024 were valued at $243.4 million. This represented an 18.4 percent or $37.9 million increase from June 2023, when merchandise imports were valued at $205.5 million. Merchandise imports for the first six months of the year, January to June 2024, amounted to $1.479 billion, an increase of 14.7 percent or $189.2 million, from $1.290 billion in the first six months of 2023.
Merchandise exports for June 2024 totaled $34.9 million, down by 37.7 percent or $21.1 million when compared to exports for June 2023, which were valued at $56 million. Merchandise exports from January to June 2024 totaled $200.5 million, a decrease of 4.7 percent or $10 million from $210.5 million recorded for the same period in 2023.
Click the following link to read more: External Trade, June 2024
Consumer Confidence Index
The Consumer Confidence Index (CCI) is an indicator that measures consumers’ sentiments concerning general economic conditions within the country, their household’s economic situation, and making major household purchases. It provides an early indication of future household spending, investing, and saving. With household spending being a major contributor to the overall economy, this in turn is an early indicator of future economic growth.
The CCI is an index number, ranging from 0 (completely pessimistic) to 100 (completely optimistic). Generally, a value greater than 50 indicates that consumers are more optimistic overall about the economy and their economic prospects. The CCI is comprised of three components: (1) perceptions about how present macroeconomic conditions and the household’s financial situation compare to twelve months prior; (2) expectations about economic conditions and the household’s financial situation over the coming twelve months; and (3) perceptions about whether the present is a good time for making major purchases of durable goods such as homes, cars, furniture, and appliances. An index is also produced for each of these three components, to provide more detailed information on what is driving consumer sentiment. The CCI is intended to provide information on how consumer sentiment moves in the short term; therefore, it is usually analyzed on a month-over-month basis.
For June 2024, the national Consumer Confidence Index (CCI) stood at 44.9, this represents an increase of 1.2 percent from 44.4 in May of 2024. Following a drop in April, this indicated a return to the gradual but generally upward trend in consumer confidence seen during the year.
Click the following link to read more: Consumer Confidence Index, June 2024
