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The Inflation Rate was 1.5% for the First Quarter of 2024 Compared to First Quarter of 2023

The Inflation Rate was 1.5% for the First Quarter of 2024 Compared to First Quarter of 2023

Grand Cayman, 21 May 2024 – The first quarter inflation rate of 1.5 percent was significantly influenced by a 7.9 percent rise in the education index. This increase was primarily driven by a 10.9 percent rise in the tuition for secondary education, a 7.5 percent increase in the cost of pre-primary and primary education, and a 6.3 percent upward movement in tertiary education.

Other notable changes in the first quarter include a 7.4 percent upward movement in communication, a 3.5 percent rise in household equipment, 2.6 percent in housing and utilities, 2.4 percent in recreation and culture, and a 1.9 percent increase in clothing and footwear.  

The 2.6 percent increase in the housing and utilities index was largely due to the 12.2 percent rise in the index for materials for the maintenance and repair of the dwelling. The index for actual rentals paid by tenants increased by 11.1 percent, and imputed rentals for owner-occupiers, which went up by 2.9 percent, also contributed to the increase.

A comparison of the first quarter of 2024 with the fourth quarter of 2023 indicates that the CPI rose by 0.03 percent, as the index for communication went up by 5.0 percent, education by 4.4 percent, clothing and footwear increased by 1.8 percent, and recreation and culture by 1.7 percent.  In comparison, food and non-alcoholic beverages had a 1.3 percent rise for the same period.

More information from the Cayman Islands’ Consumer Price Index Report: January to March 2024 may be downloaded from www.eso.ky