Inflation Undermining Economic Success In Cayman
- In the latest figures from the Economics and Statistics Office recording the consumer price index at the end of September 2018, the rate of inflation last year averaged 3.8%, compared to the inflation rate in 2017 of 1.9%.
- The increase in inflation throughout last year was fuelled by transport and housing costs, utilities and food. At the end of the third quarter, last year inflation was running at 3.5% higher than at the end of the same period in 2017. According to the ESO report, electricity alone accounted for an increase of more than 30%.
- Inflation is now having a significant impact on the cost of living in Cayman and beginning to pose a real threat to the economy because of its impact on pensioners and those on low wages. But so far, the ministry of finance has not commented on the problem or what it plans to do about it.
(Source: Cayman News Service