Today, the Statistical Institute of Belize published its latest statistics on the consumer price index, external trade, and the consumer confidence index for December 2024.
Consumer Price Index
Results from the Statistical Institute of Belize’s monthly Consumer Price Index (CPI) survey showed that the All-Items CPI, which summarizes price levels across all consumer goods and services categories, stood at 120.0 in December of 2024. This marked an increase from 117.0 recorded in December 2023, reflecting a national inflation rate of 2.6 percent for the month. As has been the case throughout the year, the rise in consumer prices was largely driven by higher costs for food products and home rentals. There were, however, notably lower prices for fuel as well as information and communication equipment. The national annual inflation rate for 2024 was 3.3 percent, with almost all major CPI categories recording increases in consumer prices for the year. A 5.6 percent rise in the ‘Food and Non-Alcoholic Beverages’ category was most notable, attributed to higher costs for fruits and vegetables, breads, bakery products, dairy products, meats, fruit and vegetable juices, and soft drinks during 2024. Significant increases were also seen in ‘Restaurant and Accommodation Services’ (7.4 percent), as restaurant prices rose throughout the year, and ‘Housing, Water, Electricity, Gas and other Fuels’ (2.3 percent), reflecting higher home rental costs.
Click the following link to read more: Consumer Price Index, December 2024
Merchandise Trade
Belize’s total imports of goods for December 2024 were valued at $230.7 million. This represented a slight increase of 0.1 percent or $0.1 million from December 2023, when imports were valued at $230.6 million. Annual merchandise imports for 2024 amounted to $2.909 billion, an 8.5 percent or $227.4 million increase from the same period last year when imports were valued at $2.682 billion.
Total domestic exports for December 2024 amounted to $74.1 million, up by $49.7 million or more than triple the $24.3 million exported in December 2023. Annual merchandise exports for 2024 totaled $459.9 million, up 12.5 percent or $51.2 million from 2023, when exports were valued at $408.6 million.
Click the following link to read more: External Trade, December 2024
Consumer Confidence Index
The Consumer Confidence Index (CCI) is an indicator that measures consumers’ sentiments concerning general economic conditions within the country, their household’s economic situation, and making major household purchases. It provides an early indication of future household spending, investing, and saving. With household spending being a major contributor to the overall economy, this, in turn, is an early indicator of future economic growth.
The CCI is an index number ranging from 0 (completely pessimistic) to 100 (completely optimistic). Generally, a value greater than 50 indicates consumers are more optimistic about the economy and their economic prospects. The CCI is comprised of three components: (1) perceptions about how present macroeconomic conditions and the household’s financial situation compare to twelve months prior; (2) expectations about economic conditions and the household’s financial situation over the coming twelve months; and (3) perceptions about whether the present is a good time for making major purchases of durable goods such as homes, cars, furniture, and appliances. An index is also produced for these three components to provide more detailed information on what is driving consumer sentiment. The CCI intends to provide information on how consumer sentiment moves in the short term; therefore, it is usually analyzed month-over-month.
For December 2024, the national Consumer Confidence Index (CCI) stood at 48.0, the closest to an overall optimistic level of consumer sentiment to date. This represented a 7.6 percent improvement in consumer confidence from 44.7 in November 2024 and a continuation of the gradual upward trend seen over the previous three months.
Click the following link to read more: Consumer Confidence Index, December 2024
