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

WILLEMSTAD - The figures from the Central Bureau of Statistics (CBS) that were announced today show that the price level in November 2019 is 0.1 percent higher than in October 2019 and the inflation rate has remained the same at 2.7 percent.

Price development in November 2019 compared to the previous month of October 2019

The consumer price index (CPI) of Curaçao has increased by 0.1 percent in November, compared to October 2019, it has evolved from 133.6 in October 2019 to 133.7 in November 2019.

The most important price changes during the month of November 2019 are; gasoline (-2.5%), electricity (-1.5%) becoming cheaper and drinks (6.7%), smoking materials (5.2%), potatoes, vegetables and fruit (2.1%) becoming more expensive.

Price development November 2019 compared to November 2018

The November 2019 CPI (133.7) is 2.8 percent higher than the November 2018 CPI (130.0). These figures give an indication that the cost of living in November is 2.8 percent higher than in the same month of 2018. The categories that have contributed most to this growth are beverages and smoking, food and housing.

Inflation is a reflection 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 November 2019, compared to the same period a year earlier, consumer prices increased on average by 2.7 percent: the 12-month average CPI has evolved from 128.3 in November 2018 to 131.8 in November 2019.