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Prices up on last year

Local News 22 May, 2024 Follow News

Prices up on last year

The Cayman Islands’ Consumer Price Index Report for January to March 2024 has just been released and shows that prices for the first quarter of 2024 are up on the same quarter in 2023 and also up on the last quarter of 2023.

The report noted that the first quarter inflation rate was 1.5 percent and was significantly influenced by a 7.9 percent rise in the education index. This increase was primarily driven by a 10.9 percent rise in the tuition for secondary education, a 7.5 percent increase in the cost of pre-primary and primary education, and a 6.3 percent upward movement in tertiary education.

Other notable changes in the first quarter included a 7.4 percent upward movement in communication, a 3.5 percent rise in household equipment, 2.6 percent in housing and utilities, 2.4 percent in recreation and culture, and a 1.9 percent increase in clothing and footwear. 

The 2.6 percent increase in the housing and utilities index was largely due to the 12.2 percent rise in materials for the maintenance and repair of the dwelling. The index for actual rentals paid by tenants increased by 11.1 percent, and imputed rentals for owner-occupiers, which went up by 2.9 percent, also contributed to the increase.

Alcoholic beverages and tobacco went up only slightly at a rate of 0.1 percent while the cost of healthcare was up 2.5 percent. The good news was that transport was down 2.7 percent and restaurants and hotels were down 1.9 percent.

A comparison of the first quarter of 2024 with the fourth quarter of 2023 indicated that the CPI rose by 0.03 percent, as the index for communication went up by 5.0 percent, education by 4.4 percent, clothing and footwear increased by 1.8 percent, and recreation and culture by 1.7 percent.  In comparison, food and non-alcoholic beverages had a 1.3 percent rise for the same period. Housing and utilities went up 0.2 percent over the last quarter of 2023 while the cost of healthcare was up 1.0 per cent. Restaurants and hotels moved up a fraction at 0.2 percent and furnishings, household equipment and routine household maintenance went down 0.8 per cent and transport went down 3.8 percent.

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