Consumer prices the Cayman Islands are on the decline with the latest figures showing that prices have tumbled by 1.6% in the third quarter of 2020 relative to the same period last year.

This fall in consumer prices are mainly due to lower electricity, water and gas bills and the declining cost of transport. Since the second quarter of 2020, prices dropped by 0.8% and continued into the third quarter.

Based on the latest data, five of the 12 categories that make up the consumer price index recorded lower prices. Year-on-year, consumers saw lower prices in the third quarter for electricity, which went down minus 24.6%).

As it regards water, this commodity went down in prices by minus 15.3% and gas, down minus 2.2%, while transport costs declined following a 14.1% drop in fuel prices.

Consumers paying more for food and non-alcoholic beverages

However, consumers have been paying about 5.5% more for food and non-alcoholic beverages than in the third quarter of 2019.

Consumers on the Cayman Islands might have noticed that the cost of rental accommodation has not yet budged, even though there are approximately 7,000 fewer residents in the territory than last year.

As such demand should have diminished significantly. However, buying groceries, in-restaurant dining and purchasing a motor vehicle were on average more expensive in the third quarter of this year that the comparative period in 2019.