Belize’s October Inflation Rate Climbs to 2.1%

Consumer prices in Belize rose by 2.1% in October 2024 compared to the same month last year, according to the latest report from the Statistical Institute of Belize (SIB). The national Consumer Price Index (CPI) reached 119.7, up from 117.2 in October 2023, driven primarily by higher costs in food, restaurant services, and home rentals, while transport costs declined.

The ‘Food and Non-Alcoholic Beverages’ category was the largest contributor to inflation, with prices increasing by 4.7%. This was due to notable rises in the cost of vegetables, fresh fruits, cereal products, soft drinks, purified water, and fruit and vegetable juices. Similarly, ‘Restaurants and Accommodation Services’ saw a 4.9% jump, attributed to increased restaurant service costs. The ‘Housing, Water, Electricity, Gas, and Other Fuels’ category rose by 1.5%, mainly due to higher home rental costs. Other significant increases were recorded in clothing and footwear (5.1%), personal care and hygiene products (4.4%), and household maintenance items (3.8%).

Conversely, transport prices fell by 3%, driven by declining fuel costs. Additionally, the ‘Information and Communication’ category experienced a 2% drop, reflecting reduced prices for items such as cellular phones and televisions.

Belmopan recorded the highest inflation rate at 5%, while Independence Village reported the lowest, with a marginal decrease of -0.03%.

On a month-over-month basis, inflation for October 2024 saw a slight decline of 0.05% compared to September. This reduction was primarily influenced by a 1.4% decrease in transport prices, particularly gasoline. However, this was partially offset by a 0.6% increase in food and beverage prices, particularly for fresh produce.

Year-to-date figures for the first ten months of 2024 show an overall inflation rate of 3.5%. The most significant price hikes were seen in food and beverages (5.8%), restaurant services, home rentals, and personal care products. The only major category to register a decline was ‘Information and Communication,’ down by 1.8%.