Cayman’s consumers faced an overall inflation rate of 1% in 2020, after consumer prices declined by 0.7% in the final quarter of 2020 compared to the same period 12 months earlier.
Previously, the price for the basket of consumer goods increased by 3% in the first quarter and 2.1% in the second, before falling by 0.4% between July and September of last year.
The average annual consumer price index-increase of 1% for the year resulted from higher prices in nine of the 12 categories tracked by the Economics and Statistics Office.
During the year, the highest average inflation rates were recorded in communication (5.9%), food and non-alcoholic beverages (5.1%), education (4.2%), clothing and footwear (3.9%), healthcare (2.3%), and household furnishings and equipment (1.6%).
In contrast, prices fell in the transport (-0.8%), recreation and culture (-3.2%) and hospitality (-0.3%) categories.
The same categories were also responsible for overall 0.7% lower consumer prices in the fourth quarter of last year compared to the same period in 2019.
Lower fuel prices (-13.5%) and cheaper transport costs in general (-12.5%) offset higher communication and food prices during the quarter.
The cost of goods and services in the recreation and culture category also declined (-2.8%) together with prices in the hospitality industry for hotel stays (-11.8%) and restaurant visits (-0.8%).