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The antibacterial properties of honey will do you no good in this application. The honey will not kill any dangerous bacteria that may be in the chilies. The important thing is to use dried chilies. Fresh chilies (or any other fresh herb) will have a water content that increases the risk of disease causing spores.
Simply mix dried chilies with honey in a clean jar. Cover tightly and allow to sit at room temperature for at least a week. The longer it sits, the stronger the flavor.
How to Make Chile-Infused Honey
1. Place a variety of dried chiles, or one specific types, into a glass jar.
2. Place honey in a saucepan and warm over medium-heat until the honey is liquefied or until candy thermometer reaches 180º F. Keep a careful eye on the honey, so it does not scorch.
3. Pour honey into the jar over the chiles. Cool to room temperature. Keep at room temperature.
Uses: Drizzle the chile-infused honey over yogurt or ice creams; mix with softened butter to spread onto biscuits and rolls; or glaze onto grilled fruits.