The development of consumer prices in Curaçao for the month of January 2020

WILLEMSTAD - The figures from the Central Bureau of Statistics (CBS) announced today show that the price level increased by 0.1 percent in January 2020 compared to December 2019 and the inflation rate remained the same at 2.6 percent.

Price development in January 2020 compared to the previous month of December 2019

The consumer price index (CPI) of Curaçao increased by 0.1 percent in January, compared to December 2019, it has evolved from 133.8 in December 2019 to 134.0 in January 2020.

The most important price changes during the past month (January 2020) are; gas oil becoming less expensive (-2.0%) and more expensive kerosene (1.5%), water (0.9%) and potatoes, vegetables and fruit (0.8%).

Price development January 2020 compared to January 2019

The January 2020 CPI (134.0) is 2.6 percent higher than the January 2019 CPI (130.6). These figures give an indication that the cost of living in January 2020 is 2.6 percent higher than in the same month of 2019. The categories that have contributed most to this growth are beverages and smoking, food and housing.

Inflation is a representation of the loss of monetary value, that is, 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 January 2020, compared to the same period a year earlier, consumer prices increased on average by 2.6 percent: the 12-month average CPI has evolved from 129.0 in January 2019 to 132.4 in January 2020.