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Higher food costs and restaurant prices drove up inflation

Posted: Friday, December 1, 2023. 1:28 pm CST.

By Zoila Palma Gonzalez: Data from the Statistical Institute of Belize (SIB) showed that the national inflation rate rose by 4.3% from 112% in October 2022 to 117% in October of this year.

Higher food costs accounted for more than one-half of the overall inflation rate for October, while restaurant services were also up notably during the period.

The ‘Food and Non-Alcoholic Beverages’ category increased by 11.5 percent.

The cost of food items remained significantly higher than they were during the same month of last year.

Notably, the costs cereal products, such as rice, flour, bread, and tortillas saw a 10% increase.

A whopping 17% increase in prices for vegetables, including cilantro, carrots, habaneros, and cauliflower was registered.

Meanwhile, meat products, such as beef, pork and poultry saw an 8.2 % increase.

 

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