Belmopan Sees Highest Inflation as Belize’s Cost of Living Rises by 2.1%

The cost of living was slightly up for October, according to the latest figures presented by the Statistical Institute of Belize, with Belmopan being hit the hardest. The SIB’s latest Consumer Price Index (CPI) showed that Belizeans paid an average of 2.1 percent more for goods and services nationally in October when compared to the same month last year. Food prices, particularly fresh fruits and vegetables were again the major drivers of inflation, in keeping with the trend observed throughout the year. Belmopan had the highest rate of inflation by municipality at 5 percent, followed by Corozal Town at 3.7 percent. Jacqueline Sabal, Acting Manager of Economic Statistics, SIB, said that there are several factors driving up inflation in Belmopan. 

The inflation rate for January to October stood at 3.5 percent, in line with reports from the Central Bank of Belize that inflation shows signs of slowing. We note that the January to October inflation rate for 2023 stood at 4.5 percent.