WILLEMSTAD - The Central Bureau of Statistics (CBS) has published the consumer price index (CPI) figures for the months of April 2024 through August 2024 on its website today. The specific figures can be found at CBS Inflation Prices (Tables). Since January 2024, the CBS has implemented a new CPI processing system, with the year 2023 as the new price reference base. This new system features an updated methodology for calculating the CPI, allowing for more transparent processing and verification of the indexes.
Price Development from April 2024 to August 2024 The consumer price index figures (CPI) from April 2024 to August 2024 are as follows:
April 2024: 101.8
May 2024: 102.2
June 2024: 102.5
July 2024: 104.0
August 2024: 103.8
In the months of April, May, and June 2024, the consumer price index for Curaçao rose by 0.3 percent compared to the previous month. In July 2024, the CPI increased by 1.5 percent compared to June 2024. However, in August 2024, the CPI saw a decrease of 0.2 percent compared to July 2024.
Long-Term Price Development Inflation reflects the loss of currency value, meaning a decrease in purchasing power due to rising consumer prices for goods and services over a longer period (typically 12 months). Therefore, the inflation rate serves as an indicator of the average increase in the cost of living and is recommended as an indexing tool for wages, pensions, social benefits, minimum wage, and other incomes.
The inflation for a specific month is calculated by comparing the 12-month average of the CPI for that month with the 12-month average CPI for the same month the previous year. Over the twelve-month period from April 2024 to August 2024, compared to the same period a year earlier, consumer prices increased by an average of 2.8 percent in April, May, and June 2024, by 3.1 percent in July 2024, and by 3.3 percent in August 2024.
This data provides insight into the economic climate in Curaçao, highlighting trends in consumer prices and helping inform decisions regarding wage and benefit adjustments in response to inflation.