📈 Inflation rate in Cayman Islands doesn't match people's lived experience

The first quarter inflation rate for 2024 in the Cayman Islands was 1.5% higher than the same period in 2023, and 0.3% higher than the end of the previous year, as reported by the Economics and Statistics Office. However, despite the slowing rate, many families continue to struggle as the cost of living remains high. Over the past three years, the islands have experienced significant inflation, leaving many households in financial crisis. 📊

The latest Consumer Price Index Report shows a mix of price increases and minor declines across different sectors. Education costs have seen a significant rise, driven by a 10.9% increase in secondary private school fees. Other sectors experiencing increases include communication (7.4%), rent (over 11%), utilities (2.6%), healthcare (2.5%), and food and drink (1.1%). In contrast, transportation costs have decreased by 2.7%, mainly due to a drop in airfare. However, this has little impact on most families' budgets, offering little relief. The cost of restaurants and hotels also declined by 1.9%, but this too offers little comfort to families struggling with doubled monthly bills. 📚

Despite a 1.1% overall increase in food costs, some food products have seen a much higher rise. Cooking oils increased by 8.9%, sugar and snacks by nearly 6%, and vegetables by 2.4%. Only fruit and dairy prices have dropped. As families struggle to keep up with rising bills, few have seen their earnings increase enough to match the high inflation rates since the pandemic. Inflation peaked at over 12% in 2021, and despite a slowing rate, it has continued to increase at this high level quarter after quarter. 🍎