The development of consumer prices in Curaçao for the month of August 2020
WILLEMSTAD - Figures from the Central Bureau of Statistics (CBS) announced this week show that the price level has increased by 0.8 percent in the month of September compared to July 2020. The inflation rate has fallen moderately to 2.4 percent.
Price development in the month of August 2020 compared to the previous month of July 2020
The consumer price index (CPI) of Curaçao has increased by 0.8 percent in the month of July, compared to the month of July 2020, it has developed from 134.7 in July 2020 to 135.7 in August 2020.
The most important price changes during the past month (August 2020) are; the more expensive gas cylinders (16.7%), kerosene (7.8%), diesel (7.2%), gasoline (4.9%), electricity (4.5%) and water (3.7%) and the cheaper upholstery and home textiles (-4.4) %) and sugar and chocolate (-0.7%).
Price development August 2020 compared to August 2019
The August 2020 CPI (135.7) is 2.2 percent higher than the August 2019 CPI (132.5). These figures give an indication that the cost of living in August 2020 is 2.2 percent higher than in the same month of 2019. The categories that contributed most to this growth are beverages and tobacco, food, and healthcare.
Inflation reflects the loss of monetary value, i.e. purchasing power, as consumer prices for products and services increase over a longer period (usually 12 months). The inflation rate is thus 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 to August 2020, compared to the same period a year earlier, consumer prices have increased on average by 2.4 percent: the 12-month average CPI has developed from 130.9 in July 2019 to 134.0 in August 2020.
