CPI Records 2.8% Growth in the Third Quarter reports Cayman ESO

"The Consumer Price Index (CPI) for the third quarter ending September 2013 rose by 2.8 percent compared to the quarter ending September 2012."

The Consumer Price Index (CPI) for the third quarter ending September 2013 rose by 2.8 percent compared to the quarter ending September 2012.

⫿This is the highest inflation rate since December 2008,??? stated the Hon. Minister for Finance and Economic Development, Mr. Marco Archer. ⫿A few items showed sharp price increases such as tobacco products and health insurance,??? he further noted.

Average prices for tobacco products rose 49.2 percent resulting largely from the 100 percent increase in duty in effect from September 2012.

The average premium for health insurance was 59.6 percent higher compared to the same period in 2012, in view of higher benefits as well the introduction of payments towards an indigent fund.

⫿We are closely monitoring these price changes. It is expected, however, that the inflation rate for these items will normalize in the future quarters; that is, the annual impact of the factors causing the increases will taper off,??? Minister Archer further explained.

Consumer Price Index update provided by the Cayman ESO http://news.eso.ky.