Belizean Inflation Soars by 2.6%

The latest Consumer Price Index (CPI) report reveals that consumer prices in Belize soared by 2.6% in September 2024, with the capital city of Belmopan experiencing the steepest inflation rates. In contrast, Independence had the lowest inflation rate at just 0.2%, benefiting from below-average increases.

Issued on October 30 by the Statistical Institute of Belize, the report highlights significant price hikes in essential goods and services. Food and Non-Alcoholic Beverages were the largest contributors to inflation, rising by 5.1%. Notable price hikes included fresh vegetables, which increased by 8.3%, and fruits like grapefruits and limes, which saw a rise of 15.7%. The Restaurants and Accommodation Services category increased by 4.9%, while Housing, Water, Electricity, Gas, and Other Fuels rose by 1.4%, largely due to higher rental costs.

The month-over-month inflation rate for September compared to August was a slight 0.02% increase, driven by a 0.3% rise in the Food and Non-Alcoholic Beverages category, despite a 0.4% decrease in Transport prices due to lower fuel costs.

Year-to-date, inflation for the first nine months of 2024 reached 3.6%, with the rise primarily led by Food and Non-Alcoholic Beverages, which were up 6%, and Restaurant and Accommodation Services, which rose by 8.8%. Other categories, such as Housing, experienced a 2.3% increase, and Personal Care saw a rise of 4.8%, while Information and Communication experienced a decline of 1.8%.