Inflation Rate in 2013 Reaches 2.2% reports Cayman ESO

03/20/2014 // eso (Press Release) // Narnia Ebanks // (press release)

The average annual inflation rate in 2013 was recorded at 2.2 percent. This is based on the results of the four quarterly Consumer Price Index Surveys produced by the Economics and Statistics Office last year.

“This is the highest yearly inflation rate since 2008” noted the Hon. Minister for Finance and Economic Development, Mar. Marco Archer. “It shows the impact of higher international prices for some goods such as household equipment, clothing and footwear, as well as the result of policies that affected the prices of tobacco products and health insurance,” he further stated.

Among the twelve divisions of goods and services comprising the CPI, ten posted increases led by alcoholic beverages and tobacco (9.8%), miscellaneous goods and services (8.5%), household equipment (6.1%) and clothing and footwear (4.8%).

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