The development of consumer prices in Curaçao for the month of August 2019

WILLEMSTAD - The figures from the Central Bureau of Statistics (CBS) that were announced today show that the price level was 0.2 percent higher in August 2019 than in July 2019 and the inflation rate remained stable at 2.8 percent.

Price development month of August 2019 compared to the previous month of July 2019

The consumer price index (CPI) of Curaçao increased by 0.2 percent in August, compared to July 2019, it has evolved from 132.5 in July 2019 to 132.8 in August 2019.

The most important price changes during the past month (August 2019) are; gas oil becoming cheaper (-8.4%), electricity (-4.9%) and kerosene becoming more expensive (4.7%).

Price development August 2019 compared to August 2018

The CPI of August 2019 (132.8) is 2.7 percent higher than the CPI of August 2018 (129.3). These figures give an indication that the cost of living in July is 2.7 percent higher than in the same month of 2018. The categories that have contributed most to this growth are food and housing.

Inflation is a reflection of the loss of monetary value, that is, of purchasing power, as consumer prices for products and services rise over a longer period (usually 12 months). The inflation rate is therefore an indication of the average increase in the cost of living and is therefore recommended as an indexing tool for salaries, pensions, social benefits, minimum wages and other incomes.

Inflation in a given month is calculated by comparing the 12-month average of the CPI in that month with the 12-month average CPI in the same month a year earlier. Measured over the twelve-month period up to and including August 2019, compared to the same period a year earlier, consumer prices increased on average by 2.8 percent: the 12-month average CPI has evolved from 127.4 in August 2018 to 130.9 in August 2019.