Inflation – Biggest Issue Facing the Agriculture Industry

Jose Abelardo Mai

As of December 2022, the statistical institute of Belize reported that consumer prices were up 6.7 percent overall. The breakdown released by the S.I.B. showed that prices for ‘Food and Non-Alcoholic Beverages’ saw an increase of 13.8 percent for December 2022, the highest on record for that category in fourteen years; furthermore, the ‘Food’ subcategory alone had an inflation rate of 16 percent for that month, with considerably higher prices being seen across almost all essential food items. Belizeans may not need the statistics to know how challenging it is to meet basic needs, but the problem extends to the agricultural sector as well. According to the Minister of Agriculture, Food Security and Enterprise, Jose Mai, one of the most significant issues facing the agriculture industry is the high cost of production.

Jose Abelardo Mai, Minister of Agriculture

“As you all know the cost of goods has gone up, cost of agro inputs, fertilizers, all materials used in agriculture has gone up just like every other thing. And that is not only facing the dairy industry, but it is facing the banana industry, the citrus industry and the sugar cane farmers. So all the sectors are having a difficult time with the high cost.”