WILLEMSTAD - The figures from the Central Bureau of Statistics (CBS) announced today show that the price level in May 2019 is 0.9 percent higher than in April 2019 and the inflation rate has risen to 2.8 percent.

Price development in May 2019 compared to the previous month of April 2019

The consumer price index (CPI) of Curaçao increased by 0.93 percent in the month of May, compared to the month of April 2019, it has evolved from 130.5 in April 2019 to 131.7 in May 2019.

The most important price changes during the past month (May 2019) are; electricity (10.5%), gasoline (9.4%), water (6.3%) becoming more expensive and household appliances and tools (-1.7%) becoming cheaper.

Price development in May 2019 compared to May 2018

The CPI of May 2019 (131.7) is 3.1 percent higher than the CPI of May 2018 (127.8). These figures give an indication that the cost of living in May is 3.1 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 May 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 May 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 126.4 in May 2018 to 129.9 in May 2019 .