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Belize records inflation rate of 3.2 percent for year, nearly 5 percent in December

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Posted: Wednesday, January 26, 2022. 6:09 pm CST.

By Aaron Humes: The average basic cost of goods and services measured by the Statistical Institute of Belize (SIB) Consumer Price Index is up 3.2 percent for 2021 compared to 2020.

The Institute says prices rose steadily through the year, peaking at 5.7 percent in November. Particular culprits included food, fuel, and LPG (butane), with Fuels and Lubricants costing 19 percent more than 2020, Food and Non-alcoholic beverages rising nearly five percent, nearly 2 percent greater costs for housing and utilities, and 1.4 percent for personal hygiene items including hand sanitizers, soap and so on. There were lower rates for restaurants and accommodation services (3.5 percent) and information and communication, particularly tablets, external storage devices, and television sets (3 percent).

For the month of December, higher fuel, food, and LPG prices sent average prices soaring by nearly 5 percent.

The highest average price increases were for pigtail (47 percent), vegetable oil (31 percent), coconut oil (nearly 17 percent) and a pound of pineapples which cost 15 cents or 13.5 percent more. Even the price of the average slice of cake rose 10.4 percent or 34 cents.

Fuel prices have skyrocketed to their highest levels with premium gasoline up $3.30, diesel $2.53 and regular $2.67, but bus fares have gone up as well by nearly 4 percent.

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