WILLEMSTAD - According to data released today by the Central Bureau for Statistics (CBS), the price level in July 2023 increased by 0.3 percent compared to June 2023. In August 2023, the price level increased by 0.5 percent compared to July 2023. The inflation rate rose to 6.0 percent in July 2023 and increased to 5.4 percent in August 2023.
Price Development for July 2023 Compared to the Previous Month, June 2023
The Consumer Price Index (CPI) of Curaçao increased by 0.3 percent in July 2023 compared to June 2023, rising from 116.9 in June 2023 to 117.3 in July 2023.
In July 2023, most spending categories saw price increases. The significant price changes during July 2023 include higher prices for: food (0.9%), home furnishings and household items (0.3%), beverages and tobacco (0.4%), and clothing and footwear (0.4%).
Price Development for August 2023 Compared to the Previous Month, July 2023
The Consumer Price Index (CPI) of Curaçao increased by 0.5 percent in August 2023 compared to July 2023, rising from 117.3 in July 2023 to 117.8 in August 2023.
In August 2023, most spending categories experienced price increases. The significant price changes during August 2023 include higher prices for: home furnishings and household items (0.9%), housing (0.9%), food (0.7%), clothing and footwear (0.3%), healthcare (0.3%), and beverages and tobacco (0.2%).
Long-term Price Development
Inflation reflects the loss of purchasing power due to rising consumer prices for products and services over an extended period (usually 12 months). The inflation rate is an indicator of the average increase in the cost of living and is recommended for use as an indexing tool for salaries, pensions, social benefits, minimum wage, and other incomes.
Inflation for a specific month is calculated by comparing the 12-month average of the CPI for that month with the 12-month average CPI for the same month one year earlier. Over the twelve-month period ending in July and August 2023, compared to the same period a year earlier, consumer prices, on average, increased by 6.0 percent in July 2023 and by 5.4 percent in August 2023. The 12-month average CPI increased from 109.9 in July 2022 to 116.5 in July 2023. Furthermore, the 12-month average CPI increased from 110.7 in August 2022 to 116.7 in August 2023.