Higher Food and Rent Costs Push Belize’s Inflation

Today, the Statistical Institute of Belize (SIB) reported a 2.1% rise in the country’s overall inflation rate for October 2024. The national Consumer Price Index (CPI) increased to 119.7, up from 117.2 in October 2023. This jump is largely attributed to higher costs for food, restaurant services, and home rental prices. Fuel prices and certain communication equipment saw a decline.

Costs in the ‘Food and Non-Alcoholic Beverages’ category increased by 4.7%. This was driven by increases in the prices of fresh vegetables, fruits, and bakery items.“Notable increases were recorded in prices for fresh vegetables and pulses, such as cabbage, lettuce, black beans, and red kidney beans (8.3%),” reported the SIB.

Higher rent and dining-out costs were also recorded. The ‘Restaurants and Accommodation Services’ category saw an increase of 4.9%. Home rental prices contributed to a 1.5% rise in the ‘Housing, Water, Electricity, Gas, and Other Fuels’ category.

However, lower fuel prices contributed to transport prices decreasing by 3%. The cost of diesel dropped by $1.55 per gallon, while both premium and regular gasoline prices fell as well.

Belmopan experienced the highest inflation, reflecting an increase of 5% in prices, while Independence Village had the lowest. It recorded a nearly flat inflation rate of -0.03%.

For the first ten months of 2024, the year-to-date inflation rate stood at 3.5%. While fuel prices and some communication equipment have seen reductions, the higher costs of food, rent, and restaurant services are contributing to the ongoing rise in living expenses for Belizeans.