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(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 was having by the time the year drew to a close. By the final quarter the CPI was up 7.6%, with prices rising in all the categories that the ESO measures.
As members of the public are all too well aware, there were significant increases throughout the year in the cost of everything, from food to fuel. However, a major problem for Cayman is that private sector wages are not increasing and they do not have the protection of cost of living allowances as paid in the public sector.
The minimum wage has remained at CI$6, the rate it was when it was introduced more than six years ago, while just a glance at local job vacancies shows very…
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