_{Statistician, Jefte Ochaeta}

by William Ysaguirre (Freelance Writer)

BELIZE CITY, Thurs. Mar. 27, 2025

The cost of living in Belize has increased by an inflation rate of 1.6 percent for the month of February, when compared to a year ago, the Statistical Institute of Belize (SIB) reported in their first press conference of the year at Belize Institute of Management in Belize City on Wednesday morning, March 26.

Statistician Jefte Ochaeta explained that the institute calculated the inflation rate, based on its monthly Consumer Price Index (CPI) of 119.8, which is based on a survey of overall prices for consumer goods and services, compared to 118.0 in February a year ago. This compared favourably with the United States, which had 2.9 percent inflation, Mexico – 3.7 percent, the Dominican Republic – 3.4 percent, Nicaragua – 3.1 percent, and Costa Rica – 2.0 percent. Other neighbors reported less inflation: Guatemala – 1.4 percent, Honduras – 0.9 percent, while others reported a decrease in the cost of living, by 0.3 percent in Panama and 1.2 percent in Jamaica.

The increase was mostly the result of a 2.5 percent increase in the cost of food and non-alcoholic beverages. Cereals and baked goods went up by 3.1 percent, as seen in the 13.1 percent increase in the cost of a 16-ounce loaf of white bread, from $1.85 to $2.10, and the 3.4 percent hike in the cost of a pack of 8 hot dog buns, from $2.82 to $2.92. Fruits went up by 9.2 percent, with watermelons jumping 17.9 percent to $1.38/lb, limes went up 18.7 percent to 57 cents each, and oranges hiked 9.6 percent to 29 cents each. Fruit and vegetable juices also figured in this increase by 15.8 percent, soft drink prices upped 7.8 percent, and even purified water in gallon and 5-gallon bottles went up 8.5 percent.

Housing and utilities also factored in the increase, as rents went up by 2 percent, and a 100-pound cylinder of butane went up 6 percent to $128.37, compared to $121.18 a year ago. Other items such as shoes and clothes went up 2.2 percent, alcoholic beverages and “smokes” increased by 2.4 percent, while restaurants showed a 1.3 percent increase in prices.

Luckily, the cost of keeping in touch with loved ones got cheaper as new mobile phone prices fell by 1.7 percent. Inflation was also not uniform geographically across the nation, as the cost of living actually got cheaper by 1.2 percent in Independence Village. Belmopan showed the highest inflation rate of 4.1 percent, which was only 3.4 percent in San Pedro Town, 2.0 percent in Corozal and 1.9 percent in Punta Gorda. Out west in Benque Viejo, inflation was only 1.6 percent, 1.1 percent in San Ignacio, and 1.3 percent in Dangriga. Belize City prices showed 1.2 percent inflation, and Sugar City, Orange Walk – 1.0 percent.

_{SIB executive director, Diana Castillo}

The Institute also began surveying consumer confidence in the economy, and their readiness to invest in new purchases, such as a house, a car, new appliances, and furniture, SIB executive director Diana Castillo explained. This Consumer Confidence Index is relatively new and, for the moment, is only being compared to the previous month, which stood at 46.0 in February, compared to 40.5 in January, an 8.9 percent decrease, but still 5.5 percent better than the 43.6 confidence index reported last August. The Institute has also been measuring this index by geographic distribution in each district and by age demographics, to see which sectors of the population are most optimistic about the nation’s financial health and future growth prospects.