Cost of living going down?
(CNS): With electricity, gas and fuel still falling in price, inflation in Cayman continues to decline, according to the Economics and Statistics Office. Finance Minister Marco Archer says that this means Caymanians now have more spending power. In the latest Consumer Price Index report, which measures inflation through changes in prices for goods and services, the ESO claims that during the second quarter of 2016, the index declined by 0.8% when compared to the same period in 2015.
The details of the report actually show some food, communications and other categories increasing, but in a release Archer said that people were benefiting from the fall in fuel costs, with inflation declining by another point this quarter from 101.4 in March.
“This means that generally the cost of living has decreased and persons have a bit more disposable income that they can choose to spend as they wish or increase their savings. Lower fuel prices pushed down the average charges for, electricity, water and related services, gas and other fuels, as well as the cost of operation of personal transport equipment,” the minister stated.
Despite what shoppers and renters may be feeling in their wallets, the ESO statistics represent a fall in housing costs and a cheaper monthly shop at the supermarket, according to the list of food items used to measure local prices.