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

WILLEMSTAD - The figures from the Central Bureau of Statistics (CBS) that were announced today show that the price level in September 2019 is 0.5 percent higher than in August 2019 and the inflation rate has fallen moderately to 2.7 percent.

Price development in September 2019 compared to the previous month of August 2019

The consumer price index (CPI) of Curaçao has increased by 0.5 percent in the month of September, compared to the month of August 2019, it has evolved from 132.8 in August 2019 to 133.6 in September 2019.

The most important price changes during the past month (September 2019) are; energy costs (5.6%), tobacco (4.3%), drinks (1%) and potatoes, fruit and vegetables (1.4%) and water (1.3%) becoming more expensive.

Price development September 2019 compared to September 2018

The CPI of September 2019 (133.6) is 3.0 percent higher than the CPI of September 2018 (129.7). These figures give an indication that the cost of living in September is 3.0 percent higher than in the same month of 2018. The categories that have contributed most to this growth are food and drink and smoking materials.

Inflation reflects 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 September 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 127.7 in September 2018 to 131.2 in September 2019.