Today, the Statistical Institute of Belize published its latest statistics on the consumer price index, external trade, and the consumer confidence index for October 2024.
Consumer Price Index
Results from the Statistical Institute of Belize’s monthly Consumer Price Index (CPI) survey showed that, for the month of October 2024, the All-Items CPI, which summarizes price levels across all categories of consumer goods and services, stood at 119.7. This increased from 117.2 recorded in October 2023, reflecting a national inflation rate of 2.1 percent for the month. Higher costs for food products, restaurant services, and home rental were the key contributors to the overall rise in consumer prices in October 2024. On the other hand, reductions were seen in fuel and information and communication equipment costs.
Click the following link to read more: Consumer Price Index, October 2024
Merchandise Trade
Belize’s total imports of goods for the month of October 2024 were valued at $281.1 million, representing a rise of 14 percent or $34.5 million from $246.6 million in October 2023 (see Figure 1). This growth was driven by increases across nearly all commodity categories, with the most significant being seen in ‘Machinery and Transport Equipment’, ‘Mineral Fuels & Lubricants’, ‘Manufactured Goods’, and ‘Food and Live Animals’. Conversely, ‘Chemical Products’ recorded the most notable decline for the month. Merchandise imports for the first ten months of the year, January to October 2024, amounted to $2.448 billion. This represented a 9.2 percent or $206 million increase from the same period in 2023 when imports were valued at $2.242 billion.
Total domestic exports for October 2024 amounted to $27.1 million, down by 5.4 percent or $1.5 million compared to exports from October 2023, which were valued at $28.6 million. From January to October 2024, merchandise exports totaled $363.5 million, up 1.5 percent or $2 million from the same period in 2023 when exports totaled $361.5 million.
Click the following link to read more: External Trade, October 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 consumers are more optimistic 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 these three components to provide more detailed information on what is driving consumer sentiment. The CCI intends to provide information on how consumer sentiment moves in the short term; therefore, it is usually analyzed month-over-month.
For October 2024, the National Consumer Confidence Index (CCI) stood at 44.3, representing an increase of 10.9 percent from 38.9 in September 2024 (see Figure 1). This sharp uptick in the overall CCI following last month’s decline marks a return to the general trend of improving consumer confidence seen for most of this year.
Click the following link to read more: Consumer Confidence Index, October 2024
