WILLEMSTAD - The figures from the Central Bureau of Statistics (CBS) released today show that the price level rose by 0.9 percent in July 2022 compared to June 2022 and the inflation rate rose to 5.4 in July 2022. per cent.
Price development in the month of July 2022 compared to the previous month of June 2022
The consumer price index (CPI) of Curaçao has increased by 0.9 percent in the month of July 2022, compared to the month of June 2022, it has developed from 113.9 in June 2022 to 115.0 in July 2022.
The most important price changes during the month of July 2022 are; the increase in the price of food (2.1%), petrol (11.8%), kerosene (4.3%), diesel (7.4%), clothing and footwear (1.8%), drinks and tobacco products (1.6%), and electricity (-1.1%) and water (-0.8%) which became cheaper.
Price development July 2022 compared to July 2021
The July 2022 CPI (115.0) is 8.2 percent higher than the July 2021 CPI (106.3). These figures indicate that the cost of living in July 2022 was 8.2 percent higher than in the same month of 2021. The categories that contributed most to this growth are food (12.0%), home furnishings and household goods (10 .9%), and transport and communications (13.7%).
Long-term price development: inflation July 2022
Inflation reflects the loss of monetary value, i.e. purchasing power, as 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 indexation 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 to July 2022, compared to the same period a year earlier, consumer prices rose on average by 5.4 percent in July 2022: the 12-month average CPI has developed from 104.3 in July 2021 to 109.9 in July 2022.
