S.I.B. Reports 3.9% Inflation for February 2024  

The Consumer Price Index shows that Belize experienced a three-point, nine percent increase in the cost of basic goods in February 2024. As observed throughout 2023 and into early 2024, higher food prices were the primary contributor to the overall inflation rate, followed by prices for restaurant services and home rental costs. The effects of the increase were slightly offset by the price of motor vehicle fuels, liquified petroleum gas, and international airfares, which were all lower than they were in February 2023. Statistician Melvin Perez explains.

 

Melvin Perez, Statistician II, S.I.B.

“So now looking at the major categories affecting the cumulative inflation rate of four point one percent. First, we have the food and non-alcoholic beverages category with prices increasing by seven point five percent and I must mention that this was the main contributor to the overall increase. It was followed by the restaurant and accommodational services, with prices increasing by twelve point six percent. Then we had the hosting water, electricity, gas, and other fuel, with prices increasing by two point one percent. Now looking at the last category in our list, we have the transport category, which recorded a decrease of eight point one percent. So now that we have identified the major categories affecting the cumulative inflation rate, now we will break down each one of them to see what contributed to the increase or decrease within the category. So first let’s look at the food and non-alcoholic beverages category with prices increasing by seven point five percent. The food subcategory alone was the main contributor in the category increasing. As prices rose across all types of food items, such as cereal products, fresh fruits, vegetables, dairy products, meats, and cooking oil. Looking at the table, we can see that most of the items went up by almost more than ten percent. Specifically, natural milk, evaporated milk, powder milk, orange, celery, cilantro, onion, green corn, sweet potatoes, cassava, plantain, black beans, and sugar. Nonetheless, there were lower prices recorded for some items, such as flour, lime, cucumber, and sweet pepper. Now looking at the first two months of the year 2024, we can observe how food prices decreased from January to February. While looking at the same period in the year 2023, we can observe an upward trend in food prices, but when we compare the cumulative inflation rate averaging both January and February of 2024 to the same period of the year of 2023, food prices for the year of 2024 are still higher compared to the same period of the year 2023.”