Consumer Prices Rise 3.7% in June 2024

The Statistical Institute of Belize’s latest Consumer Price Index (CPI) survey revealed a national inflation rate of 3.7 percent for June 2024. The All-Items CPI, summarising price levels across all consumer goods and services, rose to 118.4 from 114.1 in June 2023.

Food and Non-Alcoholic Beverages:

The ‘Food and Non-Alcoholic Beverages’ category experienced a 6.1 percent inflation rate, driven by a 6.3 percent increase in food prices. Significant hikes were noted in fresh vegetables (17.8 percent), cereals (4.1 percent), fruits (8.9 percent), dairy products (4.6 percent), seafood (14.4 percent), and ready-made foods (5 percent). Prices for non-alcoholic beverages climbed by 4.7 percent, with notable increases in fruit and vegetable juices.

Restaurants and Accommodation Services:

This category saw a 7.6 percent increase, primarily due to higher prices for restaurant and café services.

Housing, Water, Electricity, Gas, and Other Fuels:

The inflation rate for this category was 2.4 percent, driven by higher home rental costs. However, the price of a 100-pound cylinder of liquified petroleum gas (LPG) dropped by $3.83, from $118.90 in June 2023 to $115.08 in June 2024.

Personal Care, Social Protection, and Miscellaneous Goods and Services:

Prices in this category rose by 4.5 percent, with increases in personal care products such as deodorants, hand lotions, and perfumes.

Furnishings, Household Equipment, and Routine Household Maintenance:

This category saw a 4.2 percent rise, mainly due to higher prices for household cleaning products and daycare services.

Transport:

The ‘Transport’ category recorded a 1.5 percent increase. Regular gasoline prices rose by $0.34, diesel by $0.50, and premium gasoline by $0.03. However, passenger transport services prices fell, largely due to a 17.7 percent drop in international airfares.

Alcoholic Beverages, Tobacco, and Narcotics:

This category increased by 4.3 percent due to higher prices for cigarettes and beers.

Clothing and Footwear:

Prices in this category went up by 3.1 percent, driven by increased costs for men’s and women’s garments.

Health:

The ‘Health’ category saw a 4.5 percent inflation rate, with higher prices for over-the-counter medications and other medical supplies.

Recreation, Sport, and Culture:

This category rose by 2.3 percent, due to higher costs for pet food, gaming equipment, and cultural services.

Information and Communication:

In contrast, the ‘Information and Communication’ category recorded a 2 percent decrease, attributed to lower prices for items such as cellular phones and television sets.

Month-Over-Month Inflation Rate:

Consumer prices fell by a marginal 0.1 percent from May to June 2024. The ‘Transport’ category saw a 0.9 percent decrease, reflecting reductions in diesel and regular gasoline prices. The ‘Housing, Water, Electricity, Gas, and Other Fuels’ category fell by 0.5 percent due to lower LPG prices. However, these decreases were balanced by a 0.6 percent rise in the ‘Food and Non-Alcoholic Beverages’ category.

Year-to-Date Inflation Rate:

For the first half of 2024, the year-to-date inflation rate stood at 3.9 percent. Notable increases were observed in food products, restaurant services, and home rentals. The ‘Restaurant and Accommodation Services’ category rose by 10.4 percent, and ‘Personal Care, Social Protection, and Miscellaneous Goods and Services’ increased by 4.9 percent. ‘Furnishings, Household Equipment, and Routine Household Maintenance’ climbed by 4.3 percent. The ‘Alcoholic Beverages, Tobacco, and Narcotics’ category rose by 4.9 percent, while ‘Health’ saw a 5.7 percent increase. The ‘Information and Communication’ category, however, fell by 1.7 percent.

Inflation Rates by Municipality:

Belmopan recorded the highest inflation rate at 8.4 percent in June 2024, driven by increases in food, home rentals, and personal care products. Dangriga Town had the lowest inflation rate at 1.5 percent, with smaller price increases in cigarettes, cellular phones, and television sets.