Economy
McTaggart: Gov’t has room to cut all fuel duty
(CNS): Opposition Leader Roy McTaggart said the Cayman Islands Government should cut duty on fuel to zero, removing the 75 cents tax it adds to each gallon at the pump and the 25 cents it charges CUC, until the end of the year to help people deal with the soaring cost of living. Speaking Tuesday […]
Non-exec civil servants to get 4.5% COLA by year-end
(CNS): Civil servants on Grade E and below on the salary scale can look forward to three special payments of $150, which they will receive this month and in July and August, to help them navigate the increasing cost of living. This precedes a 2% increase in pay that will be rolled out across the […]
CIG will help over 20,000 families with light bills
(CNS): The Cayman Islands Government has set aside around $5-6million to help families in need meet the rising cost of residential electricity bills and the additional fuel costs, according to Premier Wayne Panton. Responding to a statement by Opposition Leader Roy McTaggart in Parliament Thursday evening, asking how the government was going to provide relief […]
Inflation running at record high of 11.2%
(CNS): The Consumer Price Index (CPI) increased by 11.2% in the first quarter of this year when compared to the same period in 2021. All twelve CPI divisions recorded increases in average prices, with housing and utilities increasing by more than 20% and fuel by over 29% over the last 12 months. While residents of […]
Fuel import costs increased 44% in 2021
(CNS): Petroleum and petroleum-related import costs grew by 44% last year, reaching a record $128.9 million as a result of the high average prices of all major fuels brought into the country, according to the Annual Foreign Trade Statistics Report published by the Economics and Statistics Office on Thursday. The report reveals that the total […]
Expert to advise on merging nature into economy
(CNS): Economist Ralph Chami, the assistant director at the International Monetary Fund (IMF) and co-founder of Rebalance Earth, which advocates for integrating natural capital into economies, will be visiting the Cayman Islands for five days, arriving on Sunday, Premier Wayne Panton has announced. While here Chami will be participating in various events and engagements, sharing […]
Cost of living pain reflected in ESO report
(CNS): The Economics and Statistics Office has released the cost of living statistics for 2021, which reflects the pain that everyone has been feeling with the soaring cost of living. While the average annual Consumer Price Index (CPI) rose by 3.3% across the whole year compared to 2021, that disguises the much greater impact inflation […]
Imports reached record highs in mid-2021
(CNS): The total value of merchandise imports grew significantly in the second quarter of 2021 to $310.87 million, which means almost CI$100 million worth of more stuff was imported between April and June last year when compared to the same period in 2020. While much of that can be blamed on the impact of the […]
Utilities fuel soaring cost of living
(CNS): The Consumer Price Index (CPI) increased by 6.4% in the third quarter of 2021 compared to the same period last year as all twelve of the divisions assessed to measure inflation in the economy recorded increased prices. The new report from the Economics and Statistics Office also shows a spike from the 0.2% rise […]
PACT forecasts CI$15M deficit for 2022 budget
(CNS): Government is expecting a net deficit of CI$15.8 million for the Entire Public Sector in 2022 as a result of an anticipated loss by public authorities, but Finance Minister Chris Saunders is predicting an overall surplus of over $8.5 million in 2023. In the Budget address delivered Friday, he said it was not ideal […]
Middle-out to replace trickle-down policies
(CNS): Premier Wayne Panton said the PACT Government’s first budget reflects the change people voted for, as he outlined a policy switch from trickle-down economics to middle-out economics and commitment to halt the ongoing demise of the Caymanian middle class. In his first Budget Policy Statement to Parliament on Friday, Panton spoke about the increasing […]
