09/17/2014 // eso (Press Release) // Narnia Ebanks // (press release)
Consumer prices in the Cayman Islands recorded an overall increase of 0.7 percent for the one year period June 2013 to June 2014.
“The inflation rate is partly the result of a 15.8 percent increase in the cost of accommodation services, most likely due to robust demand for tourism services,” noted the Minister for Finance and Economic Development, Honourable Marco Archer. “However, the inflation rate in the second quarter is lower than the 2.3 percent estimated for the first quarter of 2014,” he further noted.
The decline in housing and utilities price index contributed to the lower inflation rate in the second quarter. Imputed rentals for owner-occupied housing fell by 3.2 percent while the average cost of electricity, gas and other fuels declined by 1.2 percent.