Consumer Prices Increased on Average by 1.9 percent in 2017
The average annual Consumer Price Index (CPI) rose by 1.9 percent in 2017 when compared to a year ago. There were increases in all quarters throughout 2017: 1.4 percent in the first quarter, followed by 2.8 percent, 1.4 percent, and 2.1 percent in the succeeding quarters.
The 1.9 percent overall inflation rate in 2017 is traced to the price uptrends in most divisions except for education and miscellaneous goods and services. The highest average inflation rate was estimated for transport (4.9%). The price index for housing and utilities which comprises the highest weight in the CPI basket, rose on average by 2.6 percent in 2017.
Meanwhile, the CPI for the fourth quarter of 2017 was largely due to the upward price movements for transport, household furnishings and equipment, and health. The index for transport was impacted by airfares which went up on average by 31.8 percent in the last quarter of the year compared to the same period in 2016.
More information on Cayman Islands’ Consumer Price Index Reports