Consumer Prices rose sharply by 6.4 percent in September 2021
The Consumer Price Index (CPI) increased by 6.4 percent in the third quarter of 2021 compared to the same period in 2020. All twelve CPI divisions recorded increased average prices.
The division housing and utilities recorded the largest average price increase of 10.1 percent. This was due mainly to the rise in the index for imputed rentals for owner-occupiers which went up by 8.6 percent, actual rentals paid by tenants, which increased by 2.0 percent, electricity which rose by 31.2 percent, and water supply up by 15.9 percent. Materials for the maintenance and repair of the dwelling increased by 13.0 percent.
The communication index rose by 7.9 percent, as telephone and telefax services had an upward movement of 6.7 percent, while the index for telephone and telefax equipment decreased by 0.6 percent.
The index for recreation and culture moved up by 7.0 percent in the third quarter of 2021. The main contributors to this increase were a 49.8 percent increase in the cost of package holidays (abroad), an 11.0 percent increase in pets and related products, and a 10.3 percent incline in the index for major durables for outdoor recreation.
Comparing the third quarter of 2021 and the previous quarter indicates that the CPI rose by 5.6 percent. The most significant movers were the average cost of housing and utilities, which increased by 10.8 percent, recreation and culture moved by 6.4 percent, and communication rose by 60 percent.
More information from the Cayman Islands’ Consumer Price Index Report: July to September 2021