October: prices fall (-0.2%), inflation 2.3 percent; November: prices rise (+ 0.4%), inflation 2.4 percent; Price development October and November 2018 compared with the previous month
WILLEMSTAD - During the past three months, the consumer price index (CPI) of Curaçao has developed from 129.7 (September 2018) to first 129.5 (October 2018, -0.2%) and then 130.0 (November 2018, +0 , 4%).
The price development in October 2018 is mainly characterized by the fall in prices of petrol (-2%), tap water (-2%) and electricity (-5%), while in November 2018 the price decrease of petrol (-1%) and the price increase of tap water (+ 1%), electricity (+ 3%) and gasoil / diesel (+ 5%) played a significant role.
Price development October and November 2018 compared to the same month in 2017
While the CPI of October 2018 (129.5) is 3.0 percent higher than the CPI of October 2017 (125.7), the CPI of November 2018 (130.0) is 3.1 percent above the CPI of November 2017 (126.1). These figures (3.0% and 3.1%) give an indication that the consumer price level during the months of October and November 2018 is respectively 3.0 and 3.1 percent higher compared to the same months in 2017.
Long-term price development: inflation October and November 2018
Inflation reflects the loss of monetary value, i.e. of purchasing power, because the consumer prices for products and services increase 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, the 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 months up to and including October and November 2018 respectively, compared with the same period a year earlier, consumer prices have increased on average by 2.3 and 2.4 percent. This increase in the cost of living is reflected in the development of the 12-month average CPI from 125.1 in October 2017 to 128.0 in October 2018 and from 125.3 in November 2017 to 128.3 in November 2018. inflation on Curaçao in October and November 2018 is therefore 2.3 and 2.4 percent respectively.
Long-term price development: inflation last 27 months
During the past two and a quarter year (27 months), the consumer price trend on Curaçao has shown a waving trend, with inflation between -0.5 percent (September 2016) and 2.4 percent (November 2018). The average inflation in the country over this period is 1.1 percent.
