WILLEMSTAD - Figures from the Central Bureau of Statistics (CBS) announced today show that the price level in October 2022 fell by 0.1 percent compared to September 2022 and the inflation rate rose to 6.7 percent in October 2022.
Price development month October 2022 compared to the previous month September 2022
The consumer price index (CPI) of Curaçao decreased by 0.1 percent in the month of October 2022, compared to the month of September 2022, developing from 116.6 in September 2022 to 116.5 in October 2022.
In October 2022, most spending categories have become more expensive, with the exception of the housing spending category (-1.1%). The most important price changes during the month of October 2022 are the increase in food prices (0.6%), clothing and footwear (0.8%), electricity (1.1%), water (0.2%), and the decrease in prices of gasoline (-1.4%), diesel (-3.3%), and kerosene (-17.6%).
Price development October 2022 compared to October 2021
The October 2022 CPI (116.5) is 8.8 percent higher than the October 2021 CPI (107.0). These figures indicate that the cost of living is 8.8 percent higher in October 2022 than in the same month of 2021. The categories that contributed most to this growth are food (15.1%), home furnishings and household goods (12.8%), and transport and communications (10.4%).
Long-term price development: inflation October 2022
Inflation is a reflection of the loss of monetary value, i.e. purchasing power, because consumer prices for products and services rise over a longer period of time (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 wage and other incomes.
Inflation in a given month is calculated by comparing the 12-month average 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 October 2022, compared to the same period a year earlier, consumer prices increased by an average of 6.7 percent in October 2022: the 12-month average CPI has developed from 105.2 in October 2021 to 112.3 in October 2022.