Belize Year-to-Date inflation hits 3.9% in 2024, driven by rising Food and Service costs

Posted: Monday, August 5, 2024. 3:29 pm CST.

By Zoila Palma Gonzalez: Data from the Statistical Institute of Belize (SIB) reveals that the year-to-date inflation rate for the first six months of 2024 stands at 3.9%, compared to the same period in 2023.

This increase is largely attributed to higher prices across various categories, particularly food and services.

Food and Non-Alcoholic Beverages experienced a significant inflation rate of 6.3%, reflecting widespread price hikes in essential food products.

Notable increases were recorded in vegetables, dairy products, meats, fruits and sugar and bakery products.

The Restaurant and Accommodation Services category saw a substantial increase of 10.4%, driven by higher prices for dining out and accommodation services.

Housing, Water, Electricity, Gas, and Other Fuels had a year-to-date inflation rate of 2.5%, primarily due to rising home rental costs.

The Personal Care, Social Protection, and Miscellaneous Goods and Services category rose by 4.9%, reflecting increased costs for personal care products and other miscellaneous items.

Furnishings, Household Equipment, and Routine Household Maintenance recorded a 4.3% inflation rate, with higher prices for cleaning and maintenance products.

Recreation, Sport, and Culture saw a year-to-date inflation rate of 4.1%, driven by increased costs for pet food and sports equipment.

The Alcoholic Beverages, Tobacco, and Narcotics category increased by 4.9%, attributed to higher prices for beer and cigarettes.

Health saw a year-to-date inflation rate of 5.7%, due to increased costs for over-the-counter medications.

On a more positive note, the Information and Communication category recorded a decrease of 1.7%, as prices for cell phones and televisions fell during the first half of the year compared to the same period in 2023.

 

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