The Statistical Institute of Belize (SIB) released its mid-year Consumer Price Index (CPI) report for July on August 28th, 2024. The report revealed that the CPI, which summarizes price levels across all consumer goods and services categories, rose to 118.9 from 114.6 in July 2023, resulting in a national inflation rate of 3.8%.
Most categories of goods and services experienced increased prices, except for the Information and Communication category, which saw decreased prices. The rise in consumer prices was mainly driven by the ‘Food & Non-Alcoholic Beverages’ and ‘Housing, Water, Electricity, Gas & Other Fuels’ categories, contributing to over half of the inflation in July 2024.
The year-to-date inflation rate for the first seven months of 2024, when compared to the same period in 2023, stood at 3.9%, primarily driven by the ‘Food and Non-Alcoholic Beverages’ category, which was up by 6.2% for the first seven months of the year. Higher prices were recorded across all food products, with the most substantial increases in the cost of vegetables, dairy products, cereal products, meats, fresh fruits, sugar, and ready-made foods. The ‘Restaurant and Accommodation Services’ category was up by 10% compared to the first seven months of last year due to higher restaurant service prices.
‘Housing, Water, Electricity, Gas and Other Fuels’ had a year-to-date inflation rate of 2.6%, mainly due to higher home rental costs. Prices for ‘Personal Care, Social Protection, and Miscellaneous Goods and Services’ went up by 4.9% during the period, attributed to a rise in the cost of personal care products, while ‘Furnishings, Household Equipment, and Routine Household Maintenance’ was up by 4.3%, reflecting higher prices for household cleaning and maintenance products. The ‘Recreation, Sport and Culture’ category had a year-to-date inflation rate of 3.8% due to higher prices for pet foods, gaming and sports gear, and other cultural services. The category of ‘Alcoholic Beverages, Tobacco and Narcotics’ was up by 4.8% due to higher beer and cigarette prices. Finally, the cost of goods and services within the ‘Health’ category was 5.5% higher than in the first seven months of 2023, due mainly to higher prices for various over-the-counter medications.
Conversely, the ‘Information and Communication’ category declined by 1.8% due to reduced prices for cellular phones and television sets for the year’s first seven months.
The City of Belmopan continued to record the highest increase in consumer prices among all the municipalities, with an inflation rate of 8.4% for July 2024. Consumers within this city experienced higher than average prices for food items, non-alcoholic beverages, home rental costs, restaurant services, hotel accommodation rates, personal care products, laundry products, soaps, detergents, domestic services, pet foods, medicines, medical services, doctor’s office visits, and clothing.
In contrast, Punta Gorda Town experienced the lowest inflation rate of 1.5%, with consumers in this municipality experiencing lower-than-average increases in prices for food, garments for men and women, personal hygiene products, restaurant services, household cleaning and maintenance products, and other cultural services, including the rental of chairs, tables, and event venues. For San Pedro Town, the increase in consumer prices was 1.9%.
During this period, Belize experienced increases in both imports and exports. In July 2024, the total value of Belize’s goods imports was $237.2 million, showing a 4.6% increase, or $10.3 million more than in July 2023, when imports were valued at $226.9 million. Imports increased across most categories, with the most significant increases seen in ‘Mineral Fuels & Lubricants’ and ‘Food and Live Animals.’ For the same month, merchandise exports amounted to $63.1 million, marking a significant 112.2% increase, or $33.4 million more than the $29.7 million worth of exports in July 2023.
To read the full report or for additional information regarding Belize’s economy, visit the https://sib.org.bz/
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