Consumer Price Index (CPI)

Consumer Price Index Data collection

This report uses the 2016 CPI basket based on the results of the 2015 Household Budget Survey (HBS), which was updated between August 2016 and August 2017. The goods and services in the basket are classified into twelve (12) divisions using the United Nations Classification of Individual Consumption According to Purpose (COICOP). In all, there are 2,227 items (7th-digit COICOP level) included in the basket collected from 203 providers/outlets in Grand Cayman, compared to 2008, when there were 1,647 items collected from 147 providers/outlets. All price indices for goods and services purchased abroad were taken from price indices published by the US Bureau of Labour Statistics.

ESO collection periods and price averaging methodologies follow updated international standards, in particular, the Consumer Price Index Manual: Theory and Practice (August 2004) published by the International Labour Organization (ILO). Prices of selected items are collected every second month of the quarter. Vulnerable items that change monthly, such as vegetables and fruits, fish and meat, and gas, are collected monthly. Prices across outlets are averaged using the geometric mean formula to reduce the impact of extreme or outlier prices.