WILLEMSTAD – Food prices in Curaçao rose by nearly 4 percent in 2024 compared to the previous year, marking a significant increase that more than doubles the 1.7 percent rise seen in 2023. According to new data from the Central Bureau of Statistics (CBS), the surge in food prices has outpaced the island’s general inflation rate of 2.6 percent. 

The most dramatic increase was observed in the category of prepared foods, which saw prices climb by almost 10 percent in 2024 — a steep rise compared to less than 1 percent the year before. Sugar and chocolate products also saw a notable jump, with prices rising by over 6 percent, while grain products became 5.5 percent more expensive. 

Dairy products were up 4 percent, and the combined category of potatoes, vegetables, and fruits rose by just over 3 percent. While this is a milder increase compared to the 7.2 percent rise in 2023, it still contributes significantly to household expenses. 

However, not all food categories experienced rising prices. Meat and fish became slightly cheaper, dropping by 0.6 percent, while cooking fats and oils decreased by 0.9 percent — a reversal from modest increases in these categories the previous year. 

Food’s Hefty Weight in Inflation 

The Consumer Price Index (CPI), which tracks average price changes of goods and services for consumers, assigns a specific weight to each spending category based on its importance in the average household budget. The category of food accounts for nearly 13 percent of total household spending on the island. That means for every 100 guilders spent, about 13 go toward food. 

Given this substantial share, any price increase in food directly impacts the overall inflation rate more significantly than smaller budget categories. 

While the general inflation rate fell from 3.5 percent in 2023 to 2.6 percent in 2024, the sharp increase in food prices reveals a growing burden for many families on the island. With essentials like bread, dairy, and produce becoming steadily more expensive, household budgets are increasingly strained — even as overall inflation appears to be easing. 

Outlook 

Economists and consumer advocates are closely watching these trends, noting that rising food prices disproportionately affect low- and middle-income households. As Curaçao’s inflationary pressures shift from energy and transport toward basic necessities, there is growing concern over food affordability and long-term food security for vulnerable populations.