Today, the Statistical Institute of Belize published its latest statistics on the consumer price index, external trade, and the consumer confidence index for September 2024.
Consumer Price Index
Results from the Statistical Institute of Belize’s monthly Consumer Price Index (CPI) survey showed that for the month of September 2024, the All-Items CPI, which summarizes price levels across all categories of consumer goods and services, stood at 119.7. This was an increase from 116.7 recorded in September 2023, reflecting a national inflation rate of 2.6 percent for the month. The year-to-date inflation rate for the first nine months of the year 2024 stood at 3.6 percent, when compared to the same period in 2023.
Click the following link to read more: Consumer Price Index, September 2024
Merchandise Trade
Belize’s total imports of goods for the month of September 2024 were valued at $231.5 million. This represented an increase of 13.5 percent or $27.5 million from September 2023 when imports were valued at $204 million. Merchandise imports for the first nine months of the year, January to September 2024, amounted to $2.167 billion. This represented an 8.6 percent or $171.5 million increase from the same period last year, when imports were valued at $1.995 billion.
Total domestic exports for September 2024 amounted to $29.3 million, up by 39 percent or $8.2 million when compared to exports from September 2023, which were valued at $21.1 million. Merchandise exports for the period January to September 2024 totaled $336.4 million, representing a slight increase of 1.1 percent or $3.6 million from the same period last year when exports were valued at $332.9 million.
Click the following link to read more: External Trade, September 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 the month of September 2024, the National Consumer Confidence Index (CCI) stood at 38.9, representing a decrease of 10.9 percent from 43.6 in August of 2024. The decline in the overall CCI signifies the second consecutive month of decreases in the index, following several consecutive months of improving consumer confidence.
Click the following link to read more: Consumer Confidence Index, September 2024
