Food Prices Drive 1.6 Percent Inflation in February, SIB Reports

Belizeans continue to grapple with increasing costs for goods and services, according to the latest data from the Statistical Institute of Belize. The SIB’s latest Consumer Price Index showed that for the month of February, Belizeans paid one point six percent more for goods and services when compared to the same month last year. Food prices remained the highest driver for inflation during the period, followed by transportation and home rental costs. Belmopan residents saw the highest rate of increase in consumer prices, while Independence Village saw a reduction. Jefte Ochaeta, Statistician 1 with the SIB, gave some insight into the data.

Ochaeta noted that inflation measures the rate at which consumer prices change. While the rate has slowed comparatively over the past five years, the prices of goods and services are notably higher than they were five years ago.