The development of consumer prices on Curaçao for the month of May 2020
WILLEMSTAD - The figures from the Central Bureau of Statistics (CBS) published today show that the price level has fallen by -0.2 percent compared to April 2020. The inflation rate has fallen to 2.7 percent.
Price development month of May 2020 compared to the previous month of April 2020
The consumer price index (CPI) of Curaçao fell by -0.2 percent in the month of May, compared to the month of April 2020, developing from 134.0 in April 2020 to 133.7 in May 2020.
The main price changes during the past month (May 2020) are; kerosene becoming cheaper (-26.6%), gas cylinder (-14.3%), gas oil (-6.8%), petrol (-5.4%), (-0.7%) upholstery and home textiles becoming more expensive (1.2%) and potatoes, vegetables and fruit (0.8%).
Price development May 2020 compared to May 2019
The May 2020 CPI (133.7) is 1.5 percent higher than the May 2019 CPI (131.7). These figures indicate that the cost of living in May 2020 is 1.5 percent higher than in the same month of 2019. The categories that contributed most to this growth are beverages and tobacco, food, home furnishings and household goods, and healthcare.
Long-term price development: inflation May 2020
Inflation reflects the loss of monetary value or purchasing power, because consumer prices for products and services rise over a longer term (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 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 of CPI in the same month a year earlier. Measured over the twelve-month period through May 2020, compared to the same period a year earlier, consumer prices have risen by an average of 2.7 percent: the 12-month average CPI has moved from 129.9 in May 2019 to 133.5 in May 2020.