WILLEMSTAD - The figures from the Central Bureau of Statistics (CBS) announced today show that the price level in March 2019 is 0.3 percent lower than in February 2019 and the inflation rate has remained stable at 2.7 percent.
Price development for March 2019 compared to February 2019
The consumer price index (CPI) of Curaçao fell by 0.3 percent in the month of March 2019, so from 129.9 in February 2019 to 129.5 in March 2019. The most striking specific price changes in March 2019 are the reduction in electricity costs, water and gasoline (5.7%, 3.3% and 8.6%, respectively). Kerozine has increased by 7.2% and the Potatoes, vegetables and fruit group has increased by 3.3%.
Price development for March 2019 compared to March 2018
The March 2019 CPI (129.5) is 1.4 percent higher than the March 2018 CPI, when a CPI of 127.7 was measured. This figure (1.4%) is an indication that the consumer price level during the month of March 2019 is 1.4 percent higher than during the month of March 2018.
The development of all spending categories for the month of March 2019 compared to the month of February 2019:
1 power supply 0.8%
2 Beverages and smokers items 0.2%
3 Clothing and footwear -0.1%
4 Living -0.9%
5 Home furnishings and household goods 0.1%
6 Healthcare 0.1%
7 Transport & Communication -1.2%
8 Recreation and Development -0.1%
9 Other 0.0%
Long-term price development: inflation March 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 March 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 126.0 in March 2018 to 129.4 in March 2019. The inflation on Curaçao in March 2019 is therefore 2.7 percent.
