WILLEMSTAD - According to the latest figures released today by the Central Bureau of Statistics (CBS), consumer prices in Curaçao witnessed a 1.0 percent increase in September 2023 compared to August 2023. Additionally, in October 2023, the price level experienced a further rise of 1.1 percent compared to September 2023. The inflation rate surged to 4.8 percent in September 2023 and slightly decreased to 4.4 percent in October 2023.
Price Development - September 2023 vs. August 2023
The Consumer Price Index (CPI) for Curaçao rose by 1.0 percent in September 2023 compared to August 2023, indicating an evolution from 117.8 in August 2023 to 118.9 in September 2023.
Several spending categories saw an increase in prices during September 2023. The notable price changes during this period include Transportation and Communication (2.9%), Recreation and Education (2.0%), Home Furnishings and Household Items (1.9%), and Others (1.6%). On the other hand, the Housing category experienced a decrease in prices (-1.4%).
Price Development - October 2023 vs. September 2023
In October 2023, the Consumer Price Index (CPI) for Curaçao increased by 1.1 percent compared to September 2023, reaching a value of 120.3 from 118.9.
These developments in consumer prices provide valuable insights into the economic landscape of Curaçao, reflecting the fluctuations in various spending categories and contributing to a comprehensive understanding of the region's economic dynamics.
Consumer Price Development in October 2023 - Curaçao
In October 2023, all spending categories experienced an increase in prices. The significant price changes during this month include the following categories becoming more expensive: Housing (2.5%), Foodstuffs (1.4%), Beverages and Tobacco (1.4%), Clothing and Footwear (1.0%), and Home Furnishings and Household Items (0.9%).
Long-Term Price Development
Inflation serves as an indicator of the loss of monetary value, reflecting purchasing power, due to the continuous rise in consumer prices for goods and services over an extended period, typically 12 months. The inflation rate is a representation of the average increase in the cost of living and is therefore recommended as an indexing tool for salaries, pensions, social benefits, minimum wage, and other incomes.
Calculating monthly inflation involves comparing the 12-month average of the Consumer Price Index (CPI) in a particular month with the 12-month average CPI in the same month from the previous year. Over the twelve-month period up to September and October 2023, compared to the same period a year earlier, consumer prices increased on average by 4.8 percent in September 2023 and 4.4 percent in October 2023. The 12-month average CPI evolved from 111.5 in September 2022 to 116.9 in September 2023. Furthermore, the 12-month average CPI changed from 112.3 in October 2022 to 117.2 in October 2023.