Average Annual Inflation Rate was 9.5 percent for the 2022 Calendar Year
The average CPI in 2022 was 126.1, an increase of 9.5 percent over the average CPI in 2021. This represents an increase in the overall index, driven mainly by higher prices for housing and utilities; transport, clothing and footwear; food and non-alcoholic beverages; household furnishings and equipment; restaurants and hotels; and recreation and culture.
The fourth quarter inflation rate was 5.9 percent and among the main contributors was a 14.0 percent rise in food and non-alcoholic beverages. The main contributors to this increase were a 74.0 percent rise in the prices of tea, coffee, and cocoa; a 20.5 percent increase in the average prices for milk, cheese, and eggs; and a 15.3 percent upward movement in prices for fish and seafood.
There was also a 12.2 percent upward movement in clothing and footwear, a 9.4 percent rise in household equipment, 8.0 percent in communication, 7.6 percent in communication, and 6.3 percent in education. The index for housing and utilities rose by 5.6 percent as the index for water supply went up by 30.7 percent. The index for electricity increased by 17.3 percent, actual rentals paid by tenants rose by 3.3 percent, and imputed rentals for owner-occupiers went up by 0.7 percent also contributed to the increase.
A comparison of the fourth quarter of 2022 with the third quarter of 2022 indicates that the CPI fell by 0.7 percent, as the index for housing and utilities fell by 2.5 percent, education decreased by 1.8 percent, and transport by 1.6 percent. While recreation and culture had a 0.7 percent decline.
More information from the Cayman Islands’ Consumer Price Index Report: October to December 2022 may be downloaded from www.eso.ky