Log In

Reset Password

Cayman inflation shoots up 11.2%

The Cayman Island Consumer Price Index increased by 11.2 per cent in the first quarter of this year when compared to the same period in 2021, the Cayman News Service has reported.

The CNS commented that residents of the Cayman Islands have been living through the impact of unprecedented inflation hikes for some time, and that the official figures from the Economics and Statistics Office are finally reflecting that reality.

The comment parallels that heard in Bermuda, as observers believe that the most recent local figures, an annual inflation rate of 2.5 per cent for the year to January, inadequately reflects the experience of local households.

In Cayman, all twelve CPI divisions recorded increases in average prices, with housing and utilities increasing by more than 20 per cent and fuel by over 29 per cent over the last 12 months.

Everything on the CPI has gone up, with electricity bills, up by 35 per cent since the first quarter of 2021, topping the list.

Water bills increased by over 25 per cent and rents rose by 19.7 per cent, according to the ESO, though there are widespread anecdotal reports that rents have doubled in some cases over the last few months.

The cost of groceries went up, continuing a persistent increase each quarter over the last year or more.

The official statistics reveal an increase of just under five per cent in the price of meat and just over five per cent for vegetables compared to last March, with fruits rising more than 13 per cent and seafood over 10 per cent.

As hurricane season opened, the report reveals that people can expect to pay at least one dollar more for a tin of corned beef this year.

Speaking at the Royal Fidelity Economic Outlook Conference last week Wednesday, just minutes after the release of the CPI numbers, Wayne Panton, the Cayman Islands premier, said that, along with the issue of climate change, the main thing keeping him awake at night was the cost of living.

Inflationary economy: Cayman Islands have just had confirmation of double-digit inflation figures (Photograph by camanabay.com)

You must be Registered or to post comment or to vote.

Published June 15, 2022 at 7:43 am (Updated June 15, 2022 at 7:43 am)

Cayman inflation shoots up 11.2%

What you
Need to
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon