Inflation rate eases – prices up 2.6 percent over last September

Posted: Thursday, October 31, 2024. 10:27 am CST.

By Aaron Humes: The Statistical Institute of Belize (SIB) has reported a notable rise in the Consumer Price Index (CPI) for September 2024, with the All-Items CPI reaching 119.7. This reflects a significant increase from 116.7 in the same month last year, resulting in a national inflation rate of 2.6 percent.

The main contributor to this inflation was the ‘Food and Non-Alcoholic Beverages’ category, demonstrating a robust 5.1 percent increase. Rising costs across several food sub-categories underscored the surge in food prices. Fresh vegetables experienced an 8.3 percent increase, while fruits like grapefruits and limes saw a staggering 15.7 percent jump. Bread and bakery products also rose by 3.9 percent, coupled with significant increases in the prices of fish and seafood, which rose by 10 percent.

In addition to food costs, the category of ‘Restaurants and Accommodation Services’ saw a 4.9 percent rise, indicating that dining out and hospitality services are also becoming more expensive for consumers. The inflation rate for ‘Housing, Water, Electricity, Gas and Other Fuels’ lagged slightly behind at 1.4 percent, primarily influenced by higher rental costs, although the price for liquified petroleum gas saw a decrease of $2.81.

Other categories, including ‘Clothing and Footwear’ and ‘Personal Care, Social Protection and Miscellaneous Goods and Services’, also saw notable increases of 5.1 percent and 4.4 percent respectively. However, there were some areas showing deflation. The ‘Transport’ category declined by 0.9 percent, with decreases in fuel prices across the board, including diesel and premium gasoline, although road transport services experienced a price hike of 5.5 percent.

The ‘Information and Communication’ sector faced a 2 percent decline, largely due to reduced prices for electronics such as cell phones and televisions.

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