Consumer Prices Increase by 3.1%

Consumer prices in Belize increased by 3.1% in August 2024, according to the latest report from the Statistical Institute of Belize (SIB). This showed a continuation of inflation trends that began in late 2020 after a period of stability from 2019 to 2020. The most significant driver was the ‘Food and Non-Alcoholic Beverages’ category, which saw a 5.1% inflation rate, largely due to rising costs for fresh vegetables (up 12.6%) and fruits (up 11.5%).

 

Among the highlights was the Consumer Price Index (CPI) report for August, delivered by Melvin Perez, Statistician II in the Economic Statistics Department.

 

 

Other contributing factors included a 2.2% rise in transport costs, driven by a $0.67 increase in diesel prices, and a 7.1% increase in passenger transport services, marking its first rise since April 2023. The ‘Restaurants and Accommodation Services’ category also experienced a 4.9% increase, primarily from higher dining costs, while housing-related expenses rose by 1.7% due to increased rental prices.

 

 

The ‘Clothing and Footwear’ category recorded a 5.1% increase, and personal care products rose by 4.4%. The only decline was seen in the ‘Information and Communication’ category, which fell by 2% due to lower electronics prices.

Municipality-wise, Belmopan reported the highest inflation rate at 6.1%, while Punta Gorda Town had the lowest at 1.36%. The year-to-date inflation rate for 2024 is currently at 3.8%, driven largely by increases in food and accommodation services. Month-over-month inflation for August was recorded at 0.6%, indicating ongoing pressure on consumer prices across various sectors.