FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person * GALINSON MURRAY   2. Issuer Name and Ticker or Trading Symbol PRICESMART INC [PSMT] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director _____ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 7979 IVANHOE AVENUE, SUITE 520 3. Date of Earliest Transaction (Month/Day/Year) 01/24/2006 (Street) LA JOLLA, CA 92037 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock               12,500 D   Common Stock               7,088,369 I As co-manager of The Price Group LLC (1)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Common Stock Option

$ 35.63

(2)

11/07/2010

Common Stock

3,000

3,000

D

Common Stock Option

$ 32.13

(3)

01/24/2011

Common Stock

1,000

1,000

D

Common Stock Option

$ 35

(4)

01/17/2008

Common Stock

1,000

1,000

D

Common Stock Option

$ 18.29

(5)

01/22/2009

Common Stock

1,000

1,000

D

Common Stock Option

$ 6.24

(6)

01/08/2010

Common Stock

1,000

1,000

D

Common Stock Option

$ 7.63

(7)

02/25/2011

Common Stock

1,000

1,000

D

Common Stock Option

$ 8.18

01/24/2006

A

1,000

(8)

01/24/2012

Common Stock

1,000

(9)

1,000

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
GALINSON MURRAY 7979 IVANHOE AVENUE SUITE 520 LA JOLLA, CA 92037	X

Signatures

/s/ Murray Galinson		01/25/2006
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	The reporting person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest (if any) therein.
(2)	These options vest 25% annually beginning on the first anniversary (11/07/2001) of the date of grant (11/07/2000).
(3)	These options vest 25% annually beginning on the first anniversary (01/24/2002) of the date of grant (01/24/2001).
(4)	These options vest 25% annually beginning on the first anniversary (01/17/2003) of the date of grant (01/17/2002).
(5)	These options vest 25% annually beginning on the first anniversary (01/22/2004) of the date of grant (01/22/2003).
(6)	These options vest 20% annually beginning on the first anniversary (01/08/2005) of the date of grant (01/08/2004).
(7)	34% of these options vest on the first anniversary (02/25/2006) of the date of grant (02/25/2005). An additional 33% of these options vest on the second anniversary (02/25/2007) of the date of grant. The final 33% of these options vest on the third anniversary (02/25/2008) of the date of grant.
(8)	These options vest 20% annually beginning on the first anniversary (01/24/2007) of the date of grant (01/24/2006).
(9)	Not Applicable.
Remarks: The reporting person is a director of San Diego Revitalization Corp., a California non-profit corporation ("SDRC"), but does not have a pecuniary interest, within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended ("Section 16"), in any securities held by SDRC.  In previous reports filed by the reporting person under Section 16, the reporting person had voluntarily included securities held by SDRC in such reports, even though he did not beneficially own, within the meaning of Section 16, any such securities.  The reporting person has since discontined his prior practice of including securities held by SDRC in his Section 16 reports.

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