All 12 divisions recorded higher price indices

Durrant Pate/Contributor

Inflation in The Cayman Islands is running high with the out-turn for the first quarter of 2022 jumping by 11.2 per cent relative to the first quarter of 2021.

The Consumer Price Index in the first quarter of 2022 was 122.5, higher by 11.2 per cent compared to the first quarter of 2021. All 12 divisions recorded higher price indices.

All 12 divisions recorded higher price indices but the housing and utilities and transport divisions accounted for the most substantial movements. Housing and utilities jumped by 20.1 per cent, as the cost of electricity had a 35.0 per cent increase.

Prices rising for water supply

The cost of water supply also rose by 25.3 per cent compared to the same period in 2021. Imputed rentals for owner-occupiers increased by 19.7 per cent and actual rentals paid by tenants went up by 12.3 per cent.

Materials for the maintenance and repair of the dwelling rose by 16.2 per cent. The average prices for gas (LPG/Propane) also moved up, but by 0.5 per cent.

The Transport division increased by 15.7 per cent rise due to a significant increase in the average cost of fuels amounting to a 29 per cent increase in the average cost of fuels, while the index for the purchase of motor vehicles went up by 14.7 per cent.

Other services in respect of personal transport equipment moved up by 17.1 per cent, while the index for the purchase of motor vehicles went up by 14.7 per cent. Other services in respect of personal transport equipment moved up by 17.1 per cent.

The cost of passenger transport by air increased by 12.0 per cent. In terms of Food and Non-Alcoholic Beverages, prices increased by 4.9 per cent, as the average prices of meat and meat products and fruits rose by 13.8 per cent and 11.9 per cent compared to the same period in 2021.

The 4.9 per cent decline in the prices of oils and fats and 0.7 per cent decrease in mineral waters, juices et al tempered the impact of the increases.

Recreation and Culture rose 2%

Regarding the Recreation and Culture division, this went up by 2.0 per cent. Among the main contributors to this movement were the cost of books, up by 29.4 per cent, recreation and recording equipment and pets and related products, which had increases of 8.6 per cent and 8.1 per cent, respectively.

The cost of package holidays went up by 6.3 per cent compared to the same period in 2021. The average prices for recording media (audiovisual media) also rose by 4.1 per cent.

There were some declines in the index for other groups that moderated the effect of these increased prices. The Education Division’s price index increased by 1.2 per cent.

The average cost of tertiary education moved up by 8.1 per cent and secondary education by 5.5 per cent. However, the prices for education not definable by level decreased by 3.4 per cent and primary and pre-primary education also fell by 2.9 per cent.

Turning to Health, there was a 0.2 per cent rise in the index for this division, traced mainly to the uptrend for other medicinal products, which increased by 16.6 per cent. However, there were declines in the cost of pharmaceutical products and therapeutic appliances and equipment as they recorded a 0.5 per cent and 1.2 per cent fall, respectively.