The Inflation Rate was 4.1% for the Third Quarter of 2024

The third quarter inflation rate was 4.1 percent, and among the main contributors was a 9.9 percent rise in the education index. The main contributors to the increase in the education index were a 10.7 percent rise in the cost of pre-primary and primary education, a 13.7 perrcent increase in secondary education and a 5.3 percent upward movement in tertiary education.

There was also an 8.9 percent rise in the communication index, a 5.0 percent upward movement in housing and utilities, a 4.7 percent rise in transport, a 4.4 percent increase in restaurants and hotels, a 4.2 percent rise in health, and a 3.1 percent rise in miscellaneous goods and services.

The 8.9 percent increase in the communication index was largely due to the 9.7 percent rise in the index for telephone and telefax equipment, and the 8.8 percent increase in the index for telephone and telefax services.

A comparison of the third quarter of 2024 with the second quarter of 2024 indicates that the CPI rose by 2.2 percent, as the index for transport went up by 7.6 percent, restaurants and hotels by 5.2 percent, clothing and footwear increased by 4.8 percent, and education by 2.0 percent.

The average inflation for the first three quarters of 2024, is 2.4 percent as the third quarter recorded the highest quarterly movement.

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