Topic: cost of living
Multi-million-dollar relief package targets fuel and electricity costs
Government has announced a $9 million relief package to protect Cayman families from rising gas prices and electricity bills.
Opposition calls for government to waive fuel import duty
Opposition member Roy McTaggart has filed a private member's motion, calling on government to temporarily waive import duty on fuel, as prices at gas pumps across the islands rise.
Cayman second in global cost of living index
A new study ranks Cayman as the world’s second-most expensive jurisdiction, yet finds costs are mitigated by high local purchasing power.
Government plans duty code review to make some foods cheaper
Government is analysing Cayman’s decades-old import duty regime with a view to reducing the cost of essential food items.
Premier: Reducing energy prices key to cost-of-living challenge
Government is seeking to tackle high energy costs as part of a broader effort to ease mounting cost-of-living pressures in Cayman.
Premier André Ebanks, speaking...
Cayman’s grocery bills keep rising, even as inflation slows
In Cayman, even when inflation appears to be under control, grocery bills continue to climb, putting ongoing pressure on monthly budgets.
Will Cayman have the world’s most expensive driver’s licence?
A Cayman Islands driver’s licence is now likely the most expensive in the world by as much as 1,000% for non citizens, Compass analysis suggests.
Hew: Government needs to address the high cost-of-living
The cost of living crisis is not being properly tackled by government, opposition leader Joey Hew has said
Inflation up despite utility bill drop
The latest inflation numbers were mostly bad news for Cayman’s consumers, with prices across the island still rising.
Soaring food and healthcare costs challenge Cayman families
Surging healthcare and grocery costs had the biggest impact on family budgets in Cayman according to newly published spending data.
Statistics office shows increasing pressure on household expenses
Some Cayman Islands residents are increasingly feeling the strain of rising costs and limited housing options, as new data reveals a drop in satisfaction with material living conditions.
Cayman a growing hot spot for the super rich
Cayman is currently home to 12 billionaires and 102 centi-millionaires — people with more than $100 million in personal wealth — according to global wealth migration experts.
Egg prices hit record high as Cayman works to expand local supply
Eggs prices are at a record high in supermarkets in the Cayman Islands, but there are signs that prices may be starting to stabilise.
Year in Review: Did we feel any richer as inflation and interest rates fell?
This was the year when rocketing inflation finally eased in the Cayman Islands, with the rate of inflation running at 1.7% in June 2024.
From immigration to infrastructure: 5 key issues for the next election
Under six months out from the general election a handful of key issues, including population growth, cruise tourism and rising rents, are emerging as hot-button topics for the nascent political parties and teams.
Civil servants to get 5% pay increase
The government has announced a 5% cost of living adjustment for civil service salaries from 1 Jan. next year, as well as a review of wages for the lowest paid public servants.
Is Cayman facing a brain drain? Locals living overseas say yes
Cayman is facing a brain drain of some of its brightest young talent because of lack of opportunities and the high cost of living on the islands.
Cayman needs better data, not happiness surveys
Cayman’s government has decided it is sensible to research something called ‘Gross Domestic Happiness’, but they don't do the very basics of statistical reporting well enough right now.
Surging cost-of-living prompts fears of a recruitment crisis
The surge in cost-of-living is impacting more and more people with Cayman now facing recruitment challenges in middle income professions, including education and healthcare, that are vital to the functioning of society.
Gross domestic happiness? New research measures ‘success’ differently
It's often said that money can't buy happiness, yet for decades Cayman has measured its success in dollars and cents. That's about to change.
Opinion: We are losing the fight against rising prices
Economist Paul Byles looks at longstanding reasons why Cayman continues to fight a losing battle against high prices.
Report: Cayman 3rd most expensive tax-free jurisdiction
A report by an expat insurance company of 12 tax-free jurisdictions ranks the Cayman Islands as the third most expensive such place in which to live.
Cost-of-living challenges top priority in 2024 for local leaders
The rising cost of living challenges faced by the Cayman Islands community will be a top agenda item for both Premier Juliana O'Connor-Connolly and Opposition Leader Roy McTaggart in 2024.
Year in review: Christmas dinner more expensive this year
The financial strain that many in the Cayman Islands felt after having faced record inflation in 2022 did not relent in 2023 as interest rates and the cost of living continued to trend upwards adding to an already difficult economic climate.
Cayman by numbers: GDP up but cost of living rises
The Cayman Islands’ gross domestic product in 2022 was the highest ever recorded, and unemployment rate was down to the lowest in years, according to the latest statistics.
Inflation drops to 4.1% in second quarter of 2023
Consumer prices in the Cayman Islands during the second quarter of 2023 were 4.1% more than the same period in 2022.
Special report: 10 issues that raising minimum wage won’t resolve
The Cayman Compass looks at 10 key issues raised by our reporting on the minimum wage – ranging from rental exploitation and food prices to childcare and public transport deficiencies – that will also need attention, no matter what government decides about wages.
Cayman life is not ‘milk and honey’, warns minimum wage expert
The chair of the Minimum Wage Advisory Committee issued a warning to low paid foreign workers this week, not to expect a life of luxury in the Cayman Islands.
Leaving paradise: High cost of living prompts departure from Cayman
The increasing cost of living in Cayman has led to some people choosing to move to less-expensive locales.
Cayman women battle cost-of-living crisis
Batch cooking, keeping monthly budgets and switching off the air-con are among the ideas shared by Cayman women to deal with the island's cost-of-living challenges.
Residents relying on prayer over hurricane stockpiling
Despite warnings of an above-average storm season in Cayman, people are increasingly reluctant to spend money on stockpiling supplies amid a cost-of-living crisis, according to an informal Compass poll.
Analysis: As prices soar, will employers raise wages?
Soaring rents and supermarket prices have led to a real-term pay cut for many, with employers slow to adjust salaries and hard-up workers having to move jobs or even jurisdictions in search of higher pay.
Cost of living, crime and traffic top issues for local businesses
The costs of living and doing business are among the top concerns for local companies, according to the Chamber of Commerce's latest State of Business Survey.
Analysis: Ordering take-out now cheaper than home cooking
For a single meal, for a single person, saving time in the kitchen and ordering out is not only the easier option, it is the more financially prudent choice.
Bermuda minimum wage more than double what Cayman pays
Bermuda's wage tsar Cordell Riley was stunned at both the minimum wage rate and the cost of food in Cayman on a recent trip to the islands.
Power bills are soaring – here’s why
Residents across Cayman were left shocked by last month's power bills, the latest in a round of crippling cost-of-living challenges, but CUC and OfReg insist high temperatures not high profits are to blame for storing bills.
Inflation still high at 6.6% for first quarter
Consumer prices rose again in the Cayman Islands during the first quarter of 2023 to 6.6% more than the same period in 2022 and 2.1% more than last quarter.
How hurricanes and US wildfires impact your bottom line
A significant rise in home insurance premiums is proving to be both a cost-of-living challenge and a climate crisis in the making for the Cayman Islands.
Brain drain risk amid cost-of-living crisis warns business chief
Cayman's cost-of-living crisis is forcing businesses to consider moving key positions out of Cayman, Chamber of Commerce president Nelson Dilbert claimed Wednesday.
Surging mortgage rates causing financial havoc for families across Cayman
Cayman Islands homeowners and renters are facing a huge cost of living shock as the impact of rising interest rates hits home.
Issues 2023: Ten top themes to watch over the year ahead
Cayman Compass issues editor James Whittaker looks at some of the key challenges, themes and opportunities facing the islands in the year ahead.
My mortgage has doubled and a lettuce costs $7, what’s going on?
A combination of rising costs on key essentials, like food, housing and electricity and sharp rises in the cost of borrowing are fuelling a mounting cost-of-living crisis. We investigate what is happening and why.
Businesses fight to keep the lights on as costs rise
Low unemployment and a post-COVID recovery suggest a rosy picture for Cayman’s business community. But rising costs – particularly for shipping, electricity and labour – have wiped out profit margins and stunted the economic comeback.
Businesses consider building staff housing as rents spiral
Cayman’s spiralling rents are making it difficult to recruit much-needed staff for the construction and hospitality industries.
‘Onslaught’ of pleas for help amid cost-of-living crisis
Cayman’s charitable sector didn’t need the census to tell them that hundreds of families are suffering from ‘food insecurity’.
Record inflation of 12.1% rocks consumers in the second quarter
The cost-of-living crisis continues unabated as consumer prices increased on average by 12.1% between April and June compared to the same period last year.
Recruitment crisis amid cost-of-living challenge
Cayman’s sky-high cost of living is causing recruitment challenges amid labour shortages in key industries, business leaders believe.
‘Worse to come’ on power bills as fuel prices soar
Cayman Islands residents are being warned to prepare for a long hot summer of rising electricity bills.
Opposition calls for reduced duty on gas, higher stipends
Opposition leader Roy McTaggart has called on the government to respond to high inflation by helping the public with their utility bills, tackling gas prices and increasing the stipends for those entirely dependent on financial assistance.
Panton: Cost of living relief in works for homeowners, civil servants
Premier Wayne Panton has announced plans to assist homeowners with electricity costs over summer months and give pay bumps to civil servants as consumers continue to feel the pinch of rising fuel costs.
Parliament unanimous on lower stamp duty for Caymanians
Lawmakers debated changes to stamp duty rates for Caymanian property buyers in light of rising land prices and deteriorating financing conditions on Thursday.
Surviving on a stipend: Cayman’s cost-of-living concerns ‘unmanageable’
Low-income workers and those surviving on a stipend have been hit hardest by dramatic price increases on food, rent and gas as Cayman's cost-of-living soars.
Special report: Cost-of-living soars in COVID’s aftermath
Cayman residents are facing a triple whammy of rising prices on fuel, food and rent, with the cost-of-living rocketing as the island looks to rebound from COVID-19. In a special report today we look at how inflation is impacting everyone in Cayman in the aftermath of the pandemic.
The issue explained: Why is inflation so high?
Generally, economists blame increased inflation on a combination of soaring demand and various supply issues following the COVID pandemic’s impact on global trade.
Building supply shortage fuels cost-of-living concerns
A global shortage of building supplies is driving up the cost of construction, leading to delays in new developments and fuelling predictions of even higher house prices in the Cayman Islands.
Food prices set to surge as COVID impact hits home
Cayman Islands residents are facing a summer of significant price increases in supermarkets and restaurants as the impact of COVID-19 and the restrictions on movement hit home.
The first 100 days: How PACT could look to make a quick impact
As the Cayman Islands looks ahead to a new era under the leadership of Premier Wayne Panton, a blueprint for the possible direction of the country is beginning to emerge.
Interactive map: Farm to fork in 20,000 miles
With the help of Progressive Distributors, the Cayman Compass tracks some of the main ingredients from farm or factory to our table.
COVID impacts food supply chain
The COVID-19 pandemic has impacted the local and global food supply chains and is likely to continue to do so for the forseeable future,...
Planes, trucks and freighters: Unravelling the global supply chain that feeds Cayman
As a small island with negligible food production, Cayman relies on a complex global supply chain to keep its stores stocked. A handful of companies source products and produce from across the globe. We take a closer look at how they do it and the multiple factors that drive up costs for Cayman shoppers.
Many Caymanians can’t afford to retire
A large swathe of the Cayman population has not saved enough money to retire and will likely need to be subsidised by government in their later years.
Cayman’s $2.5 billion credit bill
Cayman Islands residents have collectively amassed more than US $2.5 billion dollars in household debt, according to figures from the Cayman Islands Monetary Authority.
Thousands go into debt to fund Cayman lifestyle
Thousands of Cayman Islands residents are going into debt to keep up with the cost-of-living. A new money-management course is seeking to teach people to live within their means, whatever they earn. But instructors warn too many people are using credit to fund lifestyles they can't afford.
Million dollar babies: The eye-opening costs of parenting in Cayman
The right to a family life is promised to all in the Cayman Islands Constitution but that comes with no guarantee that it will be affordable. As part of our ongoing cost-of-living series we examine some of the expenses involved in raising a child in one of the costliest places on the planet...
What does it cost to raise a child in Cayman?
The cost of having children in Cayman can vary wildly. We have approximated a range of lifetime costs for some of the main expenses and found that, in some cases, raising a child can cost as much as $1 million.
Counting the cost of living in the Cayman Islands
In a comprehensive data analysis, James Whittaker and Michael Klein examine some of the highest costs of living in Cayman and assess how we measure up to the United Kingdom and the United States.
Cayman shoppers pay premium for groceries
The Compass analysed prices for 16 common items and found Cayman shoppers are paying a substantial premium on every item compared with our neighbours in the US.
Economist cautions Cayman must address wealth disparity
Cayman may have become a ‘victim of its own success’ with high prices for food, housing and utilities outstripping those expenses in the US...
Editorial: Cayman’s high cost-of-living impacts us all
The extent of the mark-up Cayman Islands residents pay for food, housing and other essentials compared with residents in the US and the UK is staggering.
Regulator: Scrutiny has helped bring down fuel prices
Regulators believe they are making progress in bringing down consumer costs for fuel, water and electricity.
Food and beverage more costly than a year ago
Food and non-alcoholic drink prices have increased by 6 percent compared to a year ago, according to the most recent Consumer Price Index report.
EDITORIAL – Seek solutions as cost of living continues to rise
What, if anything can be done? The answers, while imperfect, remain largely unchanged.
