The development of consumer prices in Curaçao for the month of July 2019
WILLEMSTAD - The figures from the Central Bureau of Statistics (CBS) that were announced this week show that the price level was -0.2 percent in July 2019 higher than in June 2019 and the inflation rate remained the same at 2.8 percent.
Price development in July 2019 compared to the previous month of June 2019
The consumer price index (CPI) of Curaçao decreased by 0.2 percent in the month of July, compared to June 2019, it has evolved from 132.8 in June 2019 to 132.5 in July 2019.
The most important price changes during the past month (July 2019) are; the reduction of kerosene (-7.4%), electricity (-4.6%), gas oil (-4.5%) and gasoline (-1.5%).
Price development July 2019 compared to July 2018
The July 2019 CPI (132.5) is 2.7 percent higher than the July 2018 CPI (129). These figures give an indication that the cost of living in July is 2.7 percent higher than in the same month of 2018. The categories that have contributed most to this growth are food and housing.
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 July 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 127.0 in July 2018 to 130.6 in July 2019.