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Estimated Gross Domestic Product:
3.8%, Jan - Mar 2022 / Jan - Mar 2021
Gross Domestic Product Actual:
4.0%, Dec 2021
Average Consumer Price Index (CPI):
9.5%, Dec 2022 / Dec 2021
Census Population:
71,105, as of Oct 2021
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2021 Life Expectancy at birth - Male:
2021 Life Expectancy at birth - Female:
Estimated Population:
81,546, Year-End December 2022
Unemployment Rate:
2.1%, as at December 2022
Merchandise Imports ($):
17.8% Jul - Sep 2022 / Jul - Sep 2021
Balance of Payments Current Account Deficit % GDP:
13.6% of GDP, Dec 2021
Home / News / Average Consumer Price Index Fell by 0.6% in 2016

Average Consumer Price Index Fell by 0.6% in 2016

The average Consumer Price Index (CPI) declined by 0.6 percent in 2016.  The CPI for the first and second quarters declined by 2.8 and 0.8 percent, respectively, which outweighed the small growth in the last two quarters.

“The decrease in the average inflation rate for 2016 reflects the continued impact of falling fuel prices on the CPI, a welcome relief for the residents of the Cayman Islands” stated the Minister for Finance and Economic Development, Honourable Marco Archer.   

The CPI increased by 0.6 percent compared to the same quarter a year ago. The main contributors to this movement were a 5.8 percent rise in the index for restaurants and hotels, recreation and culture that went up by 3.6 percent, and clothing and footwear up by 3.0 percent.  

Compared to the third quarter of 2016, the inflation rate for the fourth quarter of 2016 rose by 0.2 percent as the indices for restaurants and hotels (4.7%), clothing and footwear (3.2%) and communication (2.3%) were the main contributors to the increase.