By: Omar Silva, NP Staff Writer
Belize City, 27th April 2023
The cost of living in Belize has been on the rise for the past year, with the latest data from the Statistical Institute of Belize showing that the country's inflation rate increased by 6.1% between March 2022 and March 2023. The high cost of importation, coupled with high import duty and excise taxes, has made it difficult for families to afford basic necessities, particularly for the marginal poor in the country.
As the cost of importation continues to spiral out of control, the marginal poor are facing even more challenges. Without any meaningful solution or targeted assistance from the government, families are struggling to make ends meet, with the high cost of food and non-alcoholic beverages accounting for nearly three-quarters of the national inflation rate in March.
Without any meaningful solution or targeted assistance in place by the government, the marginal poor could face even more challenges in the coming months. As the cost of importation continues to spiral out of control, the cost of basic goods and services is likely to increase further, making it even more difficult for families to afford the essentials.
To address this issue, the government could invest in programs that promote local production and reduce import dependence, such as initiatives to support small businesses and improve infrastructure. Additionally, targeted subsidies or tax breaks for basic necessities and measures to improve access to credit and financial services could help alleviate the burden on low-income households.
Overall, addressing the high cost of living in Belize requires a coordinated effort from all stakeholders. With sustainable solutions, it is possible to ensure that all Belizeans have access to the basic necessities of life, regardless of their income level.