WILLEMSTAD - The Central Bureau of Statistics (CBS) has published the consumer price indices (CPI) for September and October 2024 on its website, offering detailed insights into the fluctuations in Curaçao’s cost of living.
Price Stability in September, Slight Decline in October
According to the CBS report, the overall price level in September 2024 remained unchanged compared to August 2024. However, in October 2024, prices saw a modest decline of 0.1% compared to September.
The inflation rate, which reflects the average increase in consumer prices over a year, rose to 3.3% in September 2024 and slightly decreased to 3.2% in October 2024. These changes provide a mixed view of economic stability and challenges for consumers.
September 2024: Categories Show Mixed Trends
The CPI for September 2024 was recorded at 103.8, unchanged from August. While the overall index remained stable, specific categories experienced price changes:
Increases in Costs:
Transportation and Communication: +1.3%
Recreation and Education: +0.6%
Beverages and Tobacco: +0.3%
Decreases in Costs:
Housing: -1.1%
Food: -0.3%
Clothing and Footwear: -0.3%
Healthcare: -0.3%
Furnishings and Household Goods: -0.1%
Miscellaneous: -0.1%
October 2024: Price Levels Edge Downward
The CPI dropped slightly in October, moving from 103.8 in September to 103.7. This 0.1% decline marked a shift in various spending categories:
Decreases in Costs:
Transportation and Communication: -0.5%
Healthcare: -0.3%
Food: -0.2%
Beverages and Tobacco: -0.2%
Recreation and Education: -0.2%
Clothing and Footwear: -0.1%
Increases in Costs:
Housing: +0.2%
Categories such as Furnishings and Household Goods and Miscellaneous showed no price changes during the period.
Long-Term Inflation and Impact on Households
Inflation, a key economic indicator, measures the average rise in consumer prices over 12 months. It represents the loss of purchasing power and serves as a benchmark for adjusting wages, pensions, and social benefits.
For the 12-month period ending in September 2024, inflation rose by 3.3%, compared to the same period in the previous year. By October 2024, inflation slightly eased to 3.2%.
Key 12-month CPI developments include:
September 2023 to September 2024: CPI increased from 99.2 to 102.5.
October 2023 to October 2024: CPI rose from 99.4 to 102.6.
These figures underscore the evolving dynamics of consumer prices and their impact on living standards in Curaçao.
Economic Implications
The CBS report highlights the challenges faced by households and businesses amid fluctuating consumer prices. While certain categories, such as housing and food, saw minor cost reductions, others, like transportation and communication, registered notable increases.
Policy adjustments may be necessary to address the economic pressure on residents, particularly as inflation continues to affect long-term purchasing power.
