Consumer Prices Increased by 11.2 percent in March 2022

The Consumer Price Index (CPI) increased by 11.2 percent in the first quarter of 2022 when compared to the same period in 2021. All twelve CPI divisions recorded increases in average prices.

In the first quarter of 2022, the division housing and utilities recorded the largest average price increase of 20.1 percent in the CPI basket. This was due mainly to the rise in the average cost of electricity which went up by 35.0 percent, water supply costs which increased by 25.3 percent, imputed rentals for owner-occupiers which rose by 19.7 percent, materials for the maintenance and repair of the dwelling up by 16.2 percent and actual rentals paid by tenants by 12.3 percent.

The transport index rose by 1.0 percent, as fuel prices climbed by 29.0 percent. The index for other services regarding personal transport equipment increased by 17.1 percent, and the index for the purchase of motor vehicles also went up by 14.7 percent.

The index for clothing and footwear rose by 8.0 percent in the first quarter of 2022. The main contributors to this increase were a 28.0 percent rise in the prices of footwear purchased abroad and a 7.9 percent upward movement in clothing purchased locally.

A comparison of the first quarter of 2022 with the fourth quarter of 2021 indicates that the CPI rose by 1.5 percent, the average cost of clothing and footwear rose by 6.3 percent, and education moved upward by 4.1 percent. While communication had an increase of 3.4 percent.

More information from the Cayman Islands’ Consumer Price Index Report: January to March  2022 may be downloaded from www.eso.ky