📉 Inflation in the Cayman Islands averaged 3.8% in 2023 but shows signs of slowing

The cost of living in the Cayman Islands rose by an average of 3.8% in 2023, according to the Economics and Statistics Office's Consumer Price Index Report. Despite a slowdown in inflation, particularly in the last quarter of the year, consumers were still paying over 13% more for goods and services at the start of 2024 compared to the start of 2022. This rise in the Consumer Price Index followed a 9.5% average increase in the previous year. 📈

Almost all categories of goods and services saw price increases in 2023, with housing and utilities costs rising significantly above the average rate. Utilities costs rose by over 4% throughout the year, while housing costs were impacted by a 12.8% increase in rent prices, three times the average inflation rate. Conversely, the overall cost of food and non-alcoholic beverages fell by 0.6%, largely due to a decrease in the price of vegetables, fruit, tea, coffee, cocoa, seafood, milk, cheese, and eggs. However, this was offset by price increases in oils and fats, sugar, snacks, soft drinks, juices, meat, bread, and cereal. 🏡🍞

The total value of merchandise imported in the third quarter of 2023 was $380.29 million, a 0.8% decrease compared to the same period in 2022. This was primarily due to a 26% drop in the value of petroleum imports, caused by a decrease in oil prices. Nevertheless, the importation of non-petroleum goods grew by 4.9% during this period. 🛢️