Consumer Price Index Fell by 2.8% in First Quarter 2016

The overall Consumer Price Index (CPI) for the first quarter of 2016 declined by 2.8 percent when compared to the same quarter in 2015.

“This is the fifth consecutive quarter of deflation since the first quarter of

2015, resulting largely from the continued reduction in fuel prices and import duty reductions on diesel used by Caribbean Utilities Company” stated Honourable Marco Archer, Minister for Finance and Economic Development.

Lower fuel prices pushed down the average charges for water and related services; electricity, gas and other fuels; and transport services.

In addition, actual rentals and imputed rentals for owner-occupied housing also fell.

The first quarter CPI for 2016 when compared to the last quarter of 2015, also recorded a 0.8 percent decline. “This can be traced mainly to the seasonal decline in accommodation service fees, as well as the fall in fuel prices” the Minister also stated.

More information from the Cayman Islands’ Consumer Price Index

Report: March 2016 may be downloaded from www.eso.ky.

Global Oil Price Decline Brought Down Merchandise Imports in 2015

In 2015, the total value of goods imported into the Cayman Islands declined by 6.3 percent to settle at CI$763.0 million compared to CI$814.4 million recorded in 2014.

“The decline in the value of imports in 2015 reflects the fall in oil prices in the international market” noted Hon. Marco Archer, Minister for Finance and Economic Development. The total value of petroleum products imported, fell by 39.2 percent to CI$99.7 million.

“However, local demand continued to strengthen as shown by a 7 percent increase in the volume of fuel imports from 49,544 imperial gallons in 2014 to 53,018 imperial gallons in 2015” the Minister clarified. “Similarly, non- petroleum products also increased by 2.0 per cent to register at CI$663.3 million” he added.

Among the non-petroleum products, machinery and transport equipment imports grew by 16.0 percent, traced to higher values of motors and generators, construction and mining machinery, office machines and automatic data equipment.

More information on the “The Cayman Islands’ Foreign Trade Statistics

Report 2015,” are available at www.eso.ky.