WILLEMSTAD - The figures from the Central Bureau of Statistics (CBS) announced last week show that the price level in June 2019 is 0.8 percent higher than in May 2019 and the inflation rate has risen to 2.8 percent.

Price development month of June 2019 compared to the previous month of May 2019:

The consumer price index (CPI) of Curaçao increased by 0.8 percent in the month of June, compared to the month of May 2019, it has evolved from 131.7 in May 2019 to 132.8 in June 2019.

The most important price changes during the past month (June 2019) are; electricity (7.9%), gasoline (9.1%), and gas oil (6.8%) becoming more expensive.

Price development June 2019 compared to June 2018:

The CPI of June 2019 (132.8) is 3.3 percent higher than the CPI of June 2018 (128.5). These figures give an indication that the cost of living in June is 3.3 percent higher than in the same month of 2018. The categories that have contributed most to this growth are food and housing.

Long term price development: inflation June 2019:

Inflation is a reflection of the loss of monetary value, that is, of 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 June 2019, compared to the same period a year earlier, consumer prices increased on average by 2.8 percent: the 12-month average CPI has evolved from 126.7 in June 2018 to 130.3 in June 2019. The inflation rate for the month of June 2019 is 2.8.