The Inflation Rate was 6.6% for the First Quarter of 2023

The first quarter inflation rate was 6.6 percent, and among the main contributors was a 12.3 percent rise in food and non-alcoholic beverages.  The main contributors to this increase were a 50.4 percent rise in the prices of tea, coffee, and cocoa; a 31.1 percent increase in the average prices for milk, cheese, and eggs; and a 16.5 percent upward movement in prices for sugar, sugar confectionery, and snacks.

There was also an 11.2 percent upward movement in household equipment, an 8.1 percent rise in restaurants and hotels, 7.6 percent in housing and utilities, 6.9 percent in clothing and footwear, and a 5.3 percent increase in recreation and culture.  

The 7.6 percent increase index for housing and utilities was largely the result of the 37.1 percent rise in the index for water supply.  The index for electricity increased by 22.7 percent, actual rentals paid by tenants rose by 6.2 percent, and imputed rentals for owner-occupiers which went up by 0.7 percent, also contributed to the increase.

A comparison of the first quarter of 2023 with the fourth quarter of 2022 indicates that the CPI rose by 2.1 percent, as the index for household equipment went up by 4.8 percent, housing and utilities by 3.4 percent, transport increased by 2.9 percent, and alcoholic beverages and tobacco by 2.7 percent.  In comparison, restaurants and hotels had a 2.5 percent rise for the same period.

More information from the Cayman Islands’ Consumer Price Index Report: January to March 2023 may be downloaded from www.eso.ky