The development of consumer prices on Curaçao for the month of June 2020

WILLEMSTAD - The figures from the Central Bureau of Statistics (CBS) published today show that the price level has risen by 0.3 percent compared to May 2020. The inflation rate has fallen to 2.5 percent.

Price development month of June 2020 compared to the previous month of May 2020

Curaçao's consumer price index (CPI) has increased by 0.3 percent in June, compared to May 2020, developing from 133.7 in May 2020 to 134.1 in June 2020.

The main price changes during the past month (June 2020) are; increase in kerosene price (10.1%) and meat and fish (2.9%) and potatoes, vegetables and fruit (1.1%) and consumption outside the home (0.8%).

Price development June 2020 compared to June 2019

The June 2020 CPI (134.1) is 1 percent higher than the June 2019 CPI (132.8). These figures indicate that the cost of living in June 2020 will be 1.0 percent higher than in the same month of 2019. The categories that have contributed most to this growth are beverages and smoking products, food, home furnishings and household goods and healthcare.

Long-term price development: inflation June 2020

Inflation reflects the loss of monetary value, that is to say, of purchasing power, because consumer prices for products and services rise over a longer term (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 indexation 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 of CPI in the same month a year earlier. Measured over the twelve-month period through June 2020, compared to the same period a year earlier, consumer prices have increased by an average of 2.5 percent: the 12-month average CPI has moved from 130.3 in June 2019 to 133.6 in June 2020.