The Inflation Rate was 1.2 percent for the Third Quarter of 2023

The third quarter inflation rate was 1.2 percent, and among the leading contributors was a 10.3 percent rise in household furnishings and equipment, while food and non-alcoholic beverages followed with a 4.9 percent increase in its index.

There was also an upward movement of 4.6 percent in the index for alcoholic beverages and tobacco, 2.7 percent in recreation and culture, 2.3 percent in restaurants and hotels, 2.1 percent in clothing and footwear, and 1.4 percent increase in each of the divisions transport and education.

The 0.9 percent decline in the index for housing and utilities was primarily the result of the 14.5 percent fall in the index for electricity. The index for water supply decreased by 11.2 percent. However, actual rentals paid by tenants rose by 10.5 percent, and materials for the maintenance and repair of the dwelling, which went up by 10.9 percent, tempered the impact of the declines.

A comparison of the third quarter of 2023 with the second quarter of 2023 indicates that the CPI declined by 0.1 percent, as the index for housing and utilities went down by 0.8 percent, and miscellaneous goods and services also decreased by 1.1 percent. There were no movements in the index for clothing and footwear, transport, and restaurants and hotels. However, there were increases in the index for recreation and culture and education of 1.5 percent each, and communication went up by 1.2 percent, household equipment up by 1.1 percent, and food and non-alcoholic beverages by 1.0 percent, which had a moderating effect.

More information from the Cayman Islands’ Consumer Price Index Report: July to September 2023 may be downloaded from www.eso.ky