The development of consumer prices in Curaçao for the month of January 2021
WILLEMSTAD - Figures from Central Bureau of Statistics (CBS) announced today show that the price level has risen by 0.3 percent compared to December 2020. The inflation rate has remained unchanged at 2.2 percent.
Price development in the month of January 2021 compared to the previous month of December 2020
The consumer price index (CPI) of Curaçao has increased by 0.3 percent in the month of January, compared to the month of December 2020, developing from 136.7 in December 2020 to 137.1 in January 2021.
The most important price changes during the past month (January 2021) are; kerosene (12.4%), water (4.4%), dairy products (1.9%), footwear (1.6%), household appliances and tools (1.4%) are becoming more expensive and clothing (-0.3%), furniture and lighting (-0.1%) and upholstery and home textiles (-0.1%) becoming cheaper.
Price development January 2021 compared to January 2020
The January 2021 CPI (137.1) is 2.3 percent higher than the January 2020 CPI (134.0). These figures indicate that the cost of living was 2.3 percent higher in January 2021 than in the same month of 2020. The categories that contributed most to this growth are beverages and tobacco, food, and healthcare.
Inflation is a reflection of the loss of monetary value, i.e. purchasing power, as consumer prices for products and services increase over a longer period of time (usually 12 months). The inflation rate is thus an indication of the average increase in the cost of living and is therefore recommended as an indexation 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 to January 2021, compared to the same period a year earlier, consumer prices have increased on average by 2.2 percent: the 12-month average CPI has developed from 132.4 in January 2020 to 135.2 in January 2021.