06/09/2014 // eso // Cayman Island ESO // (press release)
Consumer prices in the Cayman Islands marked an overall increase of 2.3 percent during the first quarter of 2014 compared to a year ago.
“The inflation rate is partly traced to the robust demand in the tourism sector which pushed the average rate of accommodation services by a 27.5 percent,” noted the Minister for Finance and Economic Development Hon. Marco Archer.
“On the other hand, the inflation rate was moderated by a decline in the housing and utilities price index,” he further stated. Actual rentals fell by 1.1 percent, partly offsetting the rise in average cost of electricity, gas and other fuels (3.7%).
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