[ad_1]
(CNS): The consumer price index (CPI) increased by 9.5% last year when compared to 2021, according to the latest report by the Economics and Statistics Office. The cost of almost everything increased significantly during 2022 but the price of food went up on average by 14%, as the cost of staples soared, including dairy, seafood and tea. During a year when the cost of living in Cayman broke painful records, the Fall Labour Force Survey showed most people’s earnings did not come close to keeping pace with inflation.
The last quarter of the year ended with an inflation rate of 5.9%. This included a 5.6% increase in housing and utility costs, though the price of water ramped up more than 30% and electricity over 17%. Although the fourth quarter saw a drop of 0.7% in the inflation rate when compared to the previous quarter, inflation continues to cripple household budgets.
See the full report here.
[ad_2]
Source link