Today, the Statistical Institute of Belize published its latest statistics on the consumer price index, external trade, and the consumer confidence index for July 2024.
Consumer Price Index
For the month of July 2024, the Statistical Institute of Belize’s monthly Consumer Price Index (CPI) survey showed that the All-Items CPI, which summarizes price levels across all categories of consumer goods and services, stood at 118.9. This was an increase from 114.6 recorded in July 2023, reflecting a national inflation rate of 3.8 percent. Increases were seen in nearly all major categories of goods and services, with the exception of ‘Information and Communication’, which was the only category that recorded an overall decrease in prices for the month. The year-to-date inflation rate for the first seven months of 2024, when compared to the same period in 2023, stood at 3.9 percent, driven largely by the ‘Food and Non-Alcoholic Beverages’ category, which was up by 6.2 percent for the first seven months of the year.
Click the following link to read more: Consumer Price Index, July 2024
Merchandise Trade
Belize’s total imports of goods for the month of July 2024 were valued at $237.2 million, an increase of 4.6 percent or $10.3 million from July 2023, when merchandise imports were valued at $226.9 million. Merchandise imports for the first seven months, January to July of 2024, amounted to $1.716 billion, representing a 13.2 percent or $199.5 million increase from the same period last year, when imports were valued at $1.517 billion.
Total merchandise exports for the month of July 2024 amounted to $63.1 million, up by a considerable 112.2 percent or $33.4 million when compared to exports for July 2023, which were valued at $29.7 million. Merchandise exports for the period January to July 2024 totaled $263.6 million, up 9.7 percent or $23.4 million from $240.2 million recorded for the same period last year.
Click the following link to read more: External Trade, July 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 July 2024, the national Consumer Confidence Index (CCI) stood at 45.4, this represents an increase of 1.0 percent from 44.9 in June of 2024. This marginal growth marks the continuation of the gradual increase of the CCI, following the sharp decline recorded a few months prior in April of this year.
Click the following link to read more: Consumer Confidence Index, July 2024
