Inflation Rate Reaches 4.5%: Belizeans Feel the Pinch of Rising Costs

Since the year began, the country has experienced an inflation rate of 4.5% with the rising costs of goods and services. The Statistical Institute of Belize presented the newest statistics of its Consumer Price Index (CPI), which is the mean change in the prices of goods and services over a period. The SIB visits two-thousand seven hundred stores and records the prices for the 395 goods and services in its basket. Consumers are undoubtedly feeling the pinch with increases in areas such as food and non-alcoholic beverages to personal care and health. Statistician Melvin Perez explained that the increase was across the board for many sectors since April 2020.

While other areas such as recreation, sports, personal care, and household equipment were up, the SIB says that fuel prices were down when compared to the first eight months of 2022. Here’s how Perez explained the fall in fuel prices and the transport sector.

The highest rate of inflation was 6.7%, which was recorded in San Pedro Town and Punta Gorda Town.