Consumer Pricesup by 1.4 percent
The following statementhas been released by the Statistics Office of the Cayman Islands.
The level of prices in the Cayman Islands,as measured by the Consumer Price Index, stood at 123.1 in June2001, an increase of 1.4 percent when compared with the same periodin 2000. Six of the eight major groups used in the index calculationregistered increases over the same period a year ago, with theHousing and Clothing Group the only two registering declines of2.6 and 1.5 percent respectively.
The increases in the Groups ranged froma high of 4.6 percent in the Education and Medical Group to alow of 0.9 percent in the Alcohol and Tobacco Group. There wereincreases in both sub-groups of the Education and Medical Group.The index for the Education sub group, grew by a modest 0.3 percentto increase to 327.5. Prices in the Medical Care sub-group continuedupward and registered an increase of 12.3 percent to take theindex for the sub-group to 125.5.
The Personal Goods and Services Group indexincreased by 4.5 percent to 121.4, despite a 2.3 percent declinein the Home Entertainment sub-group and a 6.0 percent declinein Personal Goods sub-group. An increase of 11.3 percent in theHoliday Expenses sub-group was the major cause for the changein this group. Among the items in this sub-group showing increaseswere the cost of overseas accommodations and admission to overseasattractions.
All the sub-groups in the Food Group registeredincreases, except for Meat with a decline of 5.2 percent, givingrise to an overall 4.4 percent increase in the index figure forthis group. Higher prices for dairy products and fruits and vegetableswere mainly responsible for this growth.
Higher prices for items in each of the three sub-groups comprisingthe Transport and Communications Group were responsible for the2.7 percent increase in this group over the 2000 figure. The indexfor this group moved to 113.4
The Household Equipment Group index grewby 2.3 percent overall as a result of increases of 2.3 percentin the Household Appliances and 5.4 percent in the Household Equipmentsub-groups and a decline of 5.7 percent in the Furniture and FloorCoverings sub-group.
When compared with the previous quarter,the All Items Index increased by 0.2 percent. Four of the eightmajor groups showed increases, with Food registering the highestincrease of 2.8 percent, followed by Personal Goods and Services,with an increase of 1.7 percent. The other two increases wereless than 1.0 percent, with Household Equipment increasing by0.9 percent and Clothing increasing by 0.4 percent.
The other four major groups all decreasedby less than 2.0 percent. Housing declined by 1.5 percent, Alcoholand Tobacco by 0.3 percent and Transport and Communication andEducation and Medical, both decreasing by 0.2 percent. Table 3provides more detail.
Further information and the latest statistics on the ConsumerPrice index can be obtained from the Government Statistics Office,located on the fourth floor of the Elizabethan Square (Phase Four)Building. The Office's telephone number is 949-0940.
NOTES ON THE INDEX COMPILATION
1. For one month in each quarter of the year the namely March,June, September and December, staff of the Statistics Office collectprices for more than 500 different items on which consumers spendtheir money, from over 100 different shops and other outlets inGrand Cayman and Cayman Brac. Every kind of spending is included,from weekly supermarket trips, school lunches, rental paymentsand insurance to the prices of cars and bicycles. In total about1,800 prices are collected each quarter.
2. The items have been assigned weights depending upon their importancein the total pattern of consumer spending based on the 1990/91Household Income and Expenditure survey. The item weights combinedwith the prices are then compiled to arrive at the published index.