By Belize Live News Staff: Belize’s national inflation rate for 2024 was recorded at 3.3%, reflecting an overall increase in consumer prices across multiple sectors, according to the Statistical Institute of Belize (SIB). The most significant jump was seen in the Food and Non-Alcoholic Beverages category, which rose by 5.6%, driven by higher prices for fruits, vegetables, bread, dairy products, meats, and soft drinks.
The cost of dining out also increased, with Restaurant and Accommodation Services rising by 7.4%, making it more expensive for Belizeans to eat at restaurants and stay at hotels. Meanwhile, Housing, Water, Electricity, Gas, and Other Fuels recorded a 2.3% increase, primarily due to higher rental costs.
Other price hikes were recorded in several key areas. Personal Care, Social Protection, and Miscellaneous Goods and Services increased by 4.3%, while Furnishings, Household Equipment, and Routine Household Maintenance rose by 3.9%, as the prices of cleaning and maintenance products climbed. In the Recreation, Sport, and Culture sector, prices increased by 3.1%, largely due to rising costs of pet food, sports equipment, and cultural services.
Belizeans also paid more for Alcoholic Beverages, Tobacco, and Narcotics, which went up by 3.7%, driven by higher beer and cigarette prices. Meanwhile, Clothing and Footwear became 2.7% more expensive, particularly in men’s and women’s apparel and footwear.
The only major category to experience a decline was Information and Communication, which dropped by 1.8%. This decrease was attributed to lower prices for cellular phones and television sets compared to the previous year.
As inflation continues to impact the cost of living, Belizeans are feeling the effects on essential goods and services. Economic analysts warn that without intervention, prices could continue to rise in the coming months. Belize Live News will continue to monitor this situation and provide updates as new data becomes available.
