Cayman endured 14% food inflation rate in 2022
(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.
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Category: Local News
Pure greed on behalf of Kirks, Fosters and Hurleys. Rip off merchants holding the island to ransom. We need Asda/Walmart or Aldis and Lidls.
Lost me at the second half. We absolutely do not need big foreign brands to move down here putting local companies out of business. We do need some basic consumer protection, however. You’d be a fool to believe that Walmart et al would not price gouge as well (just slightly less) if there continue to be no protections in place.
Believe me. as someone who understands consumer protection in action. Yes, we do need it, but if we had it you’d all be out of business anyway for price gauging.
We do NOT “need” the globalist intrusion of Walmart. Walmart moves into an area and kills the local businesses. Walmart is the antithesis of supporting local businesses.
pure idiocy by accusers like yourself.
That’s why I shop at CostUless. Save thousands each year!
Costsumore.
WalMart, Trader Joe’s , Whole Foods, Publix and Target please.
With your dollar locked to the US, it’s hard to figure Cayman’s 14% inflation. Looks like gouging.
There is a very good reason that so very many people order their goods from the internet. A vendor should be able to purchase goods from the U.S. (or elsewhere), convert that value into CI dollars, mark it up 20% and make a grand profit.
LONG before covid and the U.S.’s out of control spending and inflation, many of our local businesses have been overcharging us. I and most people want very much to spend most of our money here at home. I am not willing to bend over for it though.
Remember that these are businesses that mostly have minimum wage expat clerks and staff, and still they have to gouge us. Why do they do it?
Because they can.
And because they’ve always done it and got away with it, it’s a the captive suckers with more money than brains and the money no object crowd who have contributed to the insane prices.
My imports of home goods and dry and canned food items have increased 50% over the last 3 years. At this point I could probably set up a traditional corner grocery with fresh imported produce, make my 15% and still undercut Fosters, Hurleys and Kirk. But if you know how and where to shop here and have the space to stockpile you can reap the benefits.
Food prices should be falling as fuel prices are coming down. I’ve noticed some shipping companies adjusting their rates but some aren’t. To add some of the supply chain excuses for higher prices on some items are completely bogus. It depends on what distributors the grocery chains here buy from. They don’t always buy outside of their locked in suppliers to access competitively priced goods.
Been saying this for decades. They’d actually have more customers that way.
Indeed. I would rather wait an extended period and buy everything from the US when I travel.
I agree with the poster, price US into CI, add 20%, and boom. In fact, I think there’s a good business model right there. A store with transparency with prices. I don’t know many who’d begrudge that.
yes, I too would much rather purchase locally not only for it to benefit our community, but it’s easier and much more convenient and I’m willing to pay a small, but reasonable premium for that, but it’s an insult to our intelligence when they mark it up at least 3 times the price.
Yep I buy everything I can online and ship it. I don’t even waste my time looking here anymore unless it’s urgent. If I can buy online, ship to Miami, ship to Cayman and pay duty on everything and it still come in half the price here you know we’re being ripped off. ALT/Kirk homestore/Etc are the worst offenders.
don’t worry pact will just write more cheques….
welcome to wonderland…
that’s a udp thing
the world shut down for covid and just started printing money and giving it away….then you wonder why there is rampant inflation??
and the cycle continues….eg by subsidizing fuel bills.
the only way out of this is when people learn to live by their means.
And yet the government continues to boast about it’s huge surplus, while we all struggle to afford to live. If there is a surplus it should be invested back into society through duty provisions etc, not used to line the pockets of the inept Ministers and Chief Officers.
Pretty sure when simple fruits N veggies went up before covid it was an increase and it went up again last year. If strawberries was $4.99 and their now 10.99-15.99 pretty sure that more than %14..
Obviously, but unless you eat nothing but a diet of Strawberries your combined food inflation is not going to be the same as strawberries alone is it?
Maybe, maybe not. Seems a good example.
Strawberries, you can’t seriously call the crap tasting strawberry look alike garbage we get here by the same name. Anyone foolish enough pay the insane prices for this crap is just as dumb as you making such a comment.
For real. The strawberry here are COMPLETELY TASTELESS.
When fast food is cheaper than healthy fresh food, bad things happen. See the cruise ship passengers for proof.
You should see our strata fees and insurance. No consumer or homeowner protections in the Cayman Islands. Unsustainable.
Yet the Insurance sector just reported “a very healthy insurance and re-insurance business outlook” or words to that affect.
The Parliamentarians raised their own salaries (and other top CIG personnel) from early 2021 (two years ago) by some 15 – 18%.
living coats going up and wages staying the same. This is blatant theft from workers.
Thankfully it’s so warm here that we dont need many coats to live!
When I saw a head of lettuce for CI$12.00 in February that was all I needed to know. Prices are up in the US but not that much. It looks like when US prices go up 20% Cayman prices go up 40%. It looks to me like prices went up a lot more than 14%.
yah not shit, if the you got a 5% cost of living increas and inflammation rose 14% then you didn’t get a rais, you got a 9% pay cut.
Image those who didn’t get no raise at all and haven’t in years!
Value for money on nearly everything also narrowing the 20% income tax spread. Especially when you have to pay two or three times to get something done properly.
I don’t know what ‘the 20% income tax spread’ is but this is the Cayman Islands where there is no income tax. You must be thinking of your expat-normative chat groups where you talk about what it’s like ‘coming to Cayman’. Which country does this ‘spread’ exist with, of which you speak so plainly, pray tell?
and if you didn’t get a raise at all you are being cheated 14%… sigh
Inflammation?!?! LOL
LOOK, be grateful you got 5%. Retired persons got 0% but still had to pay the same increases. Health insurance rates went up more than 10%! Fine if you worked for government, but other seniors are really struggling.
HSA wouldn’t even pay for grandads pneumonia shot, nor would his $800 a month health plan & he gets $1,000 a month pension! He is lucky that his children help out.
only if you spend everything you get paid