A lot of work has been done on the antimicrobial properties of honey. Unfortunately, like many natural products, its effects vary considerably and hence it may be unreliable as a medicine in critical cases. 

> Honey inhibited bacterial growth due to high sugar concentration (reduced water activity), hydrogen peroxide generation, and proteinaceous compounds present in the honey. Some antibacterial activity was due to other unidentified components. The ability of honey to inhibit the growth of microorganisms varies widely, and could not be attributed to a specific floral source or demographic region produced in this study. Antibacterially active samples in this study included Montana buckwheat, tarweed, manuka, melaleuca, and saw palmetto. Furthermore, the bacteria were not uniformly affected by honey. Varying sensitivities to the antimicrobial properties were observed with four strains of S. aureus thus emphasizing the variability in the antibacterial effect of honey samples. Mold growth was not inhibited by any of the honeys tested.

Growth inhibition of foodborne pathogens and food spoilage organisms by select raw honeys
M.A. Mundo et al. / International Journal of Food Microbiology 97 (2004)

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