Belize Inflation Hits 2.6%, Food and Rent Soar

Everyday essentials like food, housing, and personal care products saw sharp increases in prices in December 2024, according to the latest Consumer Price Index (CPI) report from the Statistical Institute of Belize (SIB). Belize’s inflation rate for December 2024 surged by 2.6%, SIB reported.

“As has been the case throughout the year, the rise in consumer prices was largely driven by higher costs for food products and home rentals,” SIB stated in its report. “However, notably lower prices for fuel as well as information and communication equipment.” The drop in fuel, including diesel, regular, and premium gasoline, reflected a slight 0.5% decline.

‘Food and Non-Alcoholic Beverages’ recorded a 5% inflation rate, with substantial price hikes in fruits, vegetables, and fresh meats. For example, limes and oranges saw increases of over 20%, while bread and tortillas rose by 3%. ‘Non-Alcoholic Beverages’ also saw a sharp 7.8% increase, driven by higher prices for juices and soft drinks.

SIB also reported a significant uptick in ‘Housing Costs,’ with home rentals and liquefied petroleum gas (LPG) prices rising by 3% and 8.5%, respectively.

While some municipalities experienced varying inflation rates, Belmopan recorded the highest rise at 4.9%, mainly due to sharp price hikes in food, clothing, and personal care items. The village of Independence had the lowest rate at 0.2%.

In 2024, the national inflation rate stood at 3.3%, with food, housing, and restaurant services seeing the most significant price increases throughout the year.