Belize’s Rising Cost of Living: September Sees 2.6% Inflation Increase

Belize continues to grapple with the rising cost of living, with the latest data from the Statistical Institute of Belize, showing another increase in inflation. The SIB’s latest consumer price index shows that Belizeans paid an average of two-point-six percent more for goods and services in September 2024, than they did in September last year. The SIB notes that two of the major drivers of inflation during the month were the “Food and non-alcoholic beverages” and the “Restaurants and Accommodation Services,” categories. Javier Romero, Communications and Marketing Officer for the SIB, said that food prices have been the main driver of inflation all year.

Javier Romero, Communications and Marketing, SIB: “In terms of what were the major drivers of inflation for this period, there were three categories in particular. You had the food and non-alcoholic beverages, you had the restaurants and accommodation services, and you had the housing, water, electricity, gas, and other fuels category. The food and non-alcoholic beverages category has been so far the largest contributor to the inflation rate, accounting for over half. The rate within the sector was by 5.1% due to increases in the previously mentioned categories. Specifically in fresh vegetables, we saw notable increases in cabbage, broccoli, cauliflower, which was by 8.3%. We also saw increases in cereals like bread and bakery items, which increased by 3.9%. You had increases in the fruits subcategory with items such as grapefruits and lime increasing by 15.7%. Fish and seafood also saw a substantial increase of 10%. In terms of the non-alcoholic beverages, this experienced a sharp increase of 7.8%, especially in terms of the fruit and vegetable juices, which rose at a rate of 16.8%, purified water, the five gallon purified water, and soft drinks. The largest driver of inflation for this year has been the food and non-alcoholic beverages category. This category has seen a year to date increase of 6%.”

Romero said that while he could not comment on a direct correlation between the rising cost of food prices and restaurant services, many ingredients used in restaurants are now more expensive. The “Housing, Water, Electricity, Gas and Other Fuels” category also saw notable price increases.

Javier Romero, Communications and Marketing, SIB: “In terms of the restaurants and accommodation services, this sector saw a 4.9% inflation rate and this was mostly attributed to higher prices for restaurant and cafe services. In terms of the housing, water, electricity, gas and other fuels category, this category rose by 1.4% and this was primarily due to increased rental costs, although LPG costs dropped by 2.3%. in this period. There are various inputs that restaurants tend to use that have seen increases. Particularly you’ve seen increases in fresh vegetables such as cabbage, broccoli, and cauliflower. You’ve seen increases in fruits, in fish and seafood, cereals, and in non-alcoholic beverages.”

Notably, the price of all three types of fuel decreased during the survey period. Premium Gasoline saw a decrease of four-point-six percent decrease per gallon, from $14.50 $13.83; Regular Gasoline went down by 4.2 percent from $13.20 $12.64 and Diesel went down by seven percent from $13.01 $12.10.