Cost of Living Up by 2% 

Belizeans are feeling the pinch as prices surged 2% in November 2024 compared to the same month last year. This increase was mainly driven largely by increased costs in food, housing, and restaurant services, according to the latest Consumer Price Index (CPI) report from the Statistical Institute of Belize.

The overall national inflation rate stood at 120.1 for November 2024, up from 117.7 in November 2023.

Food prices alone contributed almost half of the inflation, with a 3.6% increase in the cost of food and non-alcoholic beverages. Key items like pineapples, watermelons, and limes saw price hikes of 14.7%, while everyday essentials like breads and tortillas went up by 3.4%. Meanwhile, housing costs also rose by 2.5%, with increased rental prices and a rise in LPG prices.

In contrast, transport costs dipped by 0.8%, largely due to a drop in fuel prices. The price of diesel fell by $1.13 per gallon, and regular gasoline saw a decrease of $0.71. However, passenger transport services, including taxis and international flights, became more expensive.

Belmopan and Corozal recorded the highest inflation rates at 4%, with notable price increases in food, household goods, and rentals. On the other hand, Independence saw minimal change in prices, with an inflation rate of nearly zero.

For the year to date, inflation stands at 3.3%, primarily driven by food and housing costs. Prices in most categories have increased, while communication equipment like cell phones has seen a decline.