10/03/2013 // eso (Press Release) // (press release)
The Consumer Price Index (CPI) for the quarter ending June 2013 increased by 2.7 percent compared to the quarter ending June 2012.
“This inflation rate is not unexpected as higher charges for items such as health insurance and tertiary education were implemented during the period,” stated the Hon. Minister of Finance and Economic Development, Mr. Marco Archer. Health insurance premiums were adjusted upwards as a result of expanded benefits while higher tertiary education fees were charged to non-Caymanian students.
The price index for alcohol and tobacco also increased by 13.3 percent, a result mainly of higher duty on tobacco in effect from September 2012.
In contrast, there was a decline in the price index for housing and utilities as actual rentals were lower on average during the period compared to a year ago.