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SIB’s first quarter CPI report released

GeneralSIB’s first quarter CPI report released

by Kristen Ku

BELIZE CITY, Wed. June 26, 2024

The most recent Consumer Price Index (CPI) report from the Statistical Institute of Belize (SIB) has shed light on the climbing cost of living faced by residents across the country from January to May 2024. The CPI measures the average change over time in the prices paid by consumers for a market basket of consumer goods and services.

From January to May 2024, the CPI rose to 3.9%—a modest yet significant rise in the cost of living compared to the same period in 2023.

The increase in inflation varied across different sectors. Food and Non-Alcoholic Beverages saw the highest spike at 6.3%, driven primarily by significant price increases for vegetables, dairy products, and meats, with particularly notable surges in the prices of items like powdered milk and cabbage. The most substantial increase was in the prices of Restaurants and Accommodation Services, which soared to 11.0% due to rising service costs and higher food prices.

In contrast, other essential services such as Housing, Water, Electricity, Gas, and Other Fuels saw a more moderate price increase of 2.5%. Transport-related expenses remained relatively stable, with only a marginal increase of 0.1%, yet international airfare prices were down by an astonishing 35.9%.

The report also sheds light on the inflation rates across various municipalities, with Belmopan experiencing the highest inflation of 9.6%. In comparison, more stable rates were observed in towns like Dangriga and Punta Gorda, with increases of just 2.0% and 2.2%, respectively.

Belize’s inflation rates were also compared with other countries in the region, where countries like Nicaragua and Jamaica are experiencing even higher inflation rates, at 5.4% and 6.6%, respectively. Belize’s increases currently remain between Guatemala’s, which is at 3.5%, and Mexico’s, which is 4.6%.

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