SIB Reports Consumer Confidence Index Up by 5.2%

The Statistical Institute of Belize (SIB) reported a significant increase in the Consumer Confidence Index (CCI) for January 2025, which rose by 5.2% compared to December 2024. This improvement brought the CCI to 50.5%, indicating a shift in optimism about the economy and personal financial prospects for the first time since the SIB began tracking this indicator.
The CCI is crucial for assessing consumer sentiment regarding economic conditions, household finances, and the willingness to make significant purchases. An index above 50% typically signifies optimism, suggesting consumers are more likely to engage in spending, investing, and saving activities. This increase in consumer confidence could lead to a rise in household spending, a key driver of economic activity.
Key factors contributing to the increase in confidence included improvements in the index’s ‘Present’ and ‘Durable Goods’ components. The ‘Present’ sub-index surged by 12.9%, indicating a more positive outlook on current economic conditions, while confidence in making major purchases, such as homes and cars, grew by 5.9%.
Geographically, the Cayo district experienced the highest gain in confidence, with an 11.4% increase, bringing the index to 52.4, while Stann Creek saw a decline of 6.5%. Urban consumers reported an 8% rise in confidence, whereas rural areas showed a more modest increase of 3.1%.
Confidence levels were notably higher among men, with a 4.7% rise, compared to a 0.8% increase among women. The Mestizo/Hispanic group recorded the most significant increase in confidence at 12%, reflecting a stronger sentiment regarding current conditions and essential purchases.
The increase in consumer confidence indicates that Belizeans feel more optimistic about their economic future. This optimism could lead to increased spending, contributing to economic growth. The overall economic context includes a 2.2% rise in consumer prices and a 10.9% decrease in imports for January 2025. Despite these mixed economic signals, increasing consumer confidence is a positive development for Belize’s financial outlook.
While CCI rose in January 2025, the Consumer Price Index (CPI) also rose. According to the SIB’s monthly CPI survey, the All-Items CPI, which measures price levels across all consumer goods and services categories, reached 119.8%. This marks an increase from the 117.3% reported in January 2024, indicating a national inflation rate of 2.2%. Inflation rates are generally calculated as the percentage change in prices of specific items between the current period and the same period in the previous year.
In January 2025, inflation was primarily driven by increases in the prices of Food and Non-Alcoholic Beverages and Housing, Water, Electricity, Gas, and Other Fuels.’ Together, these categories accounted for more than half of that month’s overall rise in consumer prices. Rising costs in the ‘Transport’ category also contributed to this increase. In contrast, prices in the ‘Information and Communication’ sector were lower compared to January 2024.
Among the municipalities, the capital city of Belmopan recorded the highest rise in consumer prices, with an inflation rate of 4.5% for January 2025. San Pedro Town followed closely behind with an inflation rate of 3.1%.