Posted: Friday, January 31, 2025. 3:25 pm CST.
By Zoila Palma: The national annual inflation rate for 2024 was recorded at 3.3%, with most major consumer price index (CPI) categories showing price increases throughout the year, data from the Statistical Institute of Belize noted.
The most significant jump occurred in the Food and Non-Alcoholic Beverages category, which rose by 5.6%. This surge was driven by higher prices for fruits and vegetables, breads, dairy products, meats, fruit and vegetable juices, and soft drinks.
Other key categories also saw notable increases.
Restaurant and Accommodation Services rose by 7.4%, as restaurant prices climbed throughout the year, while Housing, Water, Electricity, Gas, and Other Fuels saw a 2.3% rise, primarily due to higher home rental costs.
There were also price hikes in Personal Care, Social Protection, and Miscellaneous Goods and Services, which increased by 4.3% as the cost of personal care products went up.
The Furnishings, Household Equipment, and Routine Household Maintenance category rose by 3.9%, driven by higher prices for cleaning and maintenance products.
In the Recreation, Sport, and Culture category, prices increased by 3.1% due to more expensive pet food, sports equipment, and cultural services. Additionally, Alcoholic Beverages, Tobacco, and Narcotics prices went up by 3.7% due to higher beer and cigarette prices, while Clothing and Footwear saw a 2.7% increase, particularly in the cost of men’s and women’s clothing and footwear.
The only major CPI category to experience a decline in 2024 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.
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The post Annual Inflation rate hits 3.3% in 2024, driven by higher costs in Key categories appeared first on Belize News and Opinion on www.breakingbelizenews.com.
Posted: Friday, January 31, 2025. 3:25 pm CST. By Zoila Palma: The national annual inflation rate for 2024 was recorded at 3.3%, with most major consumer
The post Annual Inflation rate hits 3.3% in 2024, driven by higher costs in Key categories appeared first on Belize News and Opinion on www.breakingbelizenews.com.