Year-to-Date Inflation reaches 3.9% in 2024: Food and Services Costs Surge

By Zoila Palma Gonzalez: Data from the Statistical Institute of Belize (SIB) shows that inflation in the first 5 months of 2024 registered a marked increase compared to the same period last year, with the year-to-date inflation rate standing at 3.9%.

This surge has been driven by significant price hikes across various sectors of the economy including food.

The ‘Food and Non-Alcoholic Beverages’ category experienced a sharp rise of 6.3%, primarily due to soaring prices of essential food items such as vegetables, dairy products, sugar, and fresh fruits.

Prices in the ‘Restaurant and Accommodation Services’ sector surged by 11%, driven by higher costs for dining out.

The cost of ‘Housing, Water, Electricity, Gas, and Other Fuels’ increased by 2.5% year-to-date.

The overall inflation rate of 3.9% for the first 5 months of 2024 highlights significant cost pressures across various sectors of the economy, impacting consumer spending.

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