Food prices continue to soar with inflation rate at 3.9% higher than last year

By Zoila Palma Gonzalez: Data from the Statistical Institute of Belize (SIB) noted in their May, 2024 report that the year-to-date inflation rate for the first five months of 2024, when compared to the same period in 2023, stood at 3.9 percent.

According to the SIB, the ‘Food and Non-Alcoholic Beverages’ category rose by 6.3 percent over the first 5 months of the year, due to rising food prices, most notably vegetables, dairy products, sugar, and fresh fruits.

In addition, the category ‘Restaurant and Accommodation Services’ was up by 11 percent, due to higher prices for restaurant services.

Belizeans also noted that ‘Housing, Water, Electricity, Gas and Other Fuels’ had a year-to-date inflation rate of 2.5 percent, mainly due to higher home rental costs.

However, the cost of items within the ‘Information and Communication’ category was down by 1.7 percent on average, reflecting a decrease in prices for cellular phones, television sets, and internet services for the first five months of the year 2024 when compared to the same period in 2023.

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