Consumer Price Index Increased by 2.2% in the Second Quarter
The average prices of goods and services in the Cayman Islands, as estimated by the Consumer Price Index (CPI), increased by 2.2% in the second quarter of 2017 compared to the same period in 2016.
The largest contributor to the increase in the CPI was the 7.9% rise in the price index for restaurants and hotels. In particular, accommodation services had a significant increase of 14.5% in the second quarter over the same quarter in 2016. Average prices of catering services also went up by 7.2%.
There was also an upward movement in clothing and footwear by 5.9 percent and housing and utilities by 4.0 percent.
Food prices were higher by 2.2 percent during the quarter compared to the same quarter in 2016. The food classes comprising of milk, cheese and egg and fruits had the highest increase of 6.8 percent.