Consumer Price Index Reveals 3.5% Inflation in First Three Quarters of  2024

The Consumer Price Index (CPI) is a measure that examines the average change in prices over time that consumers pay for a basket of goods and services. Think of it as a way to track how much the cost of living is increasing or decreasing. The latest Consumer Price Index from the Statistical Institute of Belize shows that inflation was steady from October 2019 to October 2020, but prices have been climbing ever since. From January to September 2024, we experienced a three-point-five percent inflation rate compared to the same period in 2023. This doesn’t mean prices are falling; they’re just rising more slowly than they did during and right after the COVID pandemic. Here’s more from statistician Jaime Crespo.

 

Jaime Crespo, Statistician, S.I.B.

“For the first 10 months in 2024, the cost of goods and services increased or purchased by households increased by 3.5 percent when compared to the same period in 2023. But before we look at the major categories that contributed to this increase, let’s look at the monthly inflation rate from October 2020 to October 2024. We can observe a period of low and stable inflation near 0 percent from October 2019 to October 2020. After that, there was a steep rise reaching to 6.7 percent in late 2022. After that, inflation gradually decreased, dropping to 2. 1 percent in October 2024. And I must say that even though inflation is lower, this does not mean that prices are decreasing, but that they are increasing at a slower rate. Now, coming back to the year-to-date inflation rate of 3. 5%, let’s look at the major categories that contributed to this increase.  First, the food and nonalcoholic beverage category rose by 5. 8%, restaurants and accommodation services rose by 8. 4%, and housing, water, electricity, gas, and other fuels rose by 2.3%.”