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Belize’s Inflation Rate Keeps Rising; Deputy PM Says it’s Due to the Global Market

Goods and services continue to increase at a significant rate. That’s according to the Statistical Institute of Belize, which reported that in December last year, the country’s inflation rate was a startling 4.9%. Adding their voice to the growing concerns of the state of Belize’s economy was also the Belize Chamber of Commerce and Industry (BCCI), which stated that country’s inflation was five point seven percent (5.7%) in November 2021, the highest reported in over a decade. It is an issue that is among the top concerns for the Briceno government and according to acting Prime Minister Cordel Hyde, this issue is largely driven by a global increase in the cost of goods and the effects of price gouging here at home.

Cordel Hyde, Minister of Natural Resources: “A lot of this is beyond our control. A lot of this is driven by external global forces that we have absolutely no control over and so we have to, we’ve been looking critically at that because it is worrisome. We get the complaints everyday. Our constituents are shouting at us to let us know that the cost of goods are just becoming almost obscene. It’s really really difficult and we call on people in the business community to also be responsible and to not raise the prices any more than it needs to be raised because in some instances it just seems like there’s price gouging going on and if the businesses are not going to be conscientious, are not going to be socially conscious then I can tell you that government has been looking critically at how do we increase our enforcement? How do we crack down on businesses that have gone rogue, so as to protect the consumers as best we can? “