NALC data to update Cayman
Statistical data of the National Assessment of Living Conditions (NALC) will serve as a base for updating the consumer price index in the Cayman Islands, which is 15 years out of date. In the beginning of February, attendees at 2007’s 1st Chamber of Commerce Luncheon at the Wharf Restaurant came to this decision.
The NALC is initiated by the Cayman Islands Government, while the cost of the consultants is funded by the Caribbean Development Bank (CDB). Its main aim is to evaluate the current conditions affecting the welfare of people as well as to identify policies, action plans and strategies reducing economic deprivation and improve the quality of life in the Cayman Islands.
The NALC is the most important initiative to psycho-social infrastructure ever undertaken in Cayman.
The consumer price index will be based on macroeconomic data generated from the survey and statistical data that can allow Cayman to partly catch up with regional standards.
The training of 51 enumerators for the survey has already been completed. Some of the enumerators are experienced people who have previously worked with the Economics & Statistics office, but some are new employees.
The results of the study will be made available to the public. They are planned to be applied across government and statutory entities, and policy recommendations will be made based on analysis of the data.
Some of the costs of the project were covered by sponsors. To date, offsetting NALC’s costs, Caribbean Utilities has given USD 4 000 and Royal Bank of Canada has given USD 2 000.