WILLEMSTAD - The Central Bureau of Statistics (CBS) has published the consumer price index (CPI) figures for January through March 2024 on its website today. Starting in January 2024, the CBS has implemented a new CPI processing system with a new price reference base of 2023. This system includes a new CPI calculation methodology that allows for more transparent processing and verification of the indices. Users of the CBS CPI figures will soon notice a change in the presentation of the indices on the CBS website. 

Price Development from January 2024 to March 2024 

The CPI from January to March 2024 is calculated according to international guidelines from organizations such as the UN and IMF. The CPI calculations for these months are as follows: January 2024 – 101.0; February 2024 – 101.3; March 2024 – 101.6. 

Monthly Price Development 

In January 2024, the CPI of Curaçao decreased by 0.4 percent compared to December 2023. Additionally, the CPI for February 2024 increased by 0.3 percent, and for March 2024, it increased by 0.2 percent compared to the previous month. 

Long-Term Price Development 

Inflation represents the loss of money value, or purchasing power, due to rising consumer prices for goods and services over a longer term (typically 12 months). The inflation rate indicates the average increase in the cost of living and is recommended as an indexing tool for salaries, pensions, social benefits, minimum wages, and other incomes. 

Inflation in a particular month is calculated by comparing the 12-month average CPI in that month with the 12-month average CPI in the same month a year earlier. Over the twelve months from January 2024 to March 2024, compared to the same period a year earlier, consumer prices increased on average by 3.3 percent in January 2024, by 3.1 percent in February 2024, and by 2.9 percent in March 2024.