Belmopan faces highest inflation rates; month-to-month inflation sees a minuscule rise

Posted: Thursday, October 31, 2024. 10:59 am CST.

By Aaron Humes: The City of Belmopan has continued to experience the highest inflation rates among Belize’s municipalities over the past twelve months, according to recent economic reports. As of September 2024, consumers in the capital are grappling with above-average prices on a wide array of goods and services, signaling ongoing economic pressure for residents.

Key categories contributing to the inflation surge in Belmopan include food and non-alcoholic beverages, personal care items, jewelry and watches, household cleaning products, and both men’s and women’s garments. Additionally, costs for home rentals, domestic services, and even medicinal products have seen significant increases. Alcoholic beverages and cigarettes have also jumped in price, further burdening consumers.

In stark contrast, the municipality of Independence Village, Stann Creek District reported an inflation rate of only 0.2 percent, the lowest across the country in September. Consumers in this region have benefited from relatively stable prices, particularly in home rentals and essential services such as domestic air transport and food products. This stability includes lower prices for medicinal goods, pet food, and household maintenance items, allowing residents to more easily navigate economic pressures.

In a broader context, month-over-month inflation data for September 2024 reveals a modest increase of 0.02 percent compared to August 2024. This slight rise was primarily influenced by a 0.3 percent hike in prices for food and non-alcoholic beverages, notably for cereal and meat products. However, this was counterbalanced by a 0.4 percent decrease in transport costs due to falling fuel prices, along with a 0.1 percent dip in housing-related expenses attributed to lower liquified petroleum gas prices.

The ongoing situation will require close monitoring as residents and local authorities continue to adapt to evolving market conditions.

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