The development of consumer prices in Curaçao for the month of October 2019
WILLEMSTAD - The figures from the Central Bureau of Statistics (CBS) that were announced recently show that the price level remained the same in October 2019 compared to September 2019 and the inflation rate also remained stable at 2.7 percent.
Price development in October 2019 compared to the previous month of September 2019
The consumer price index (CPI) of Curaçao remained unchanged in the month of October at 133.6, compared to the month of September 2019.
The most important price changes during the past month (October 2019) are; tobacco (3.1%), liquor (4.3%), potatoes, fruit and vegetables (1.6%) and kerosene (0.8%) becoming more expensive and gasoline (-2.1%), footwear (-0.9%) becoming cheaper and electricity (-0.6%).
Price development October 2019 compared to October 2018
The CPI of October 2019 (133.6) is 3.2 percent higher than the CPI of October 2018 (129.5). These figures give an indication that the cost of living in July is 3.2 percent higher than in the same month of 2018. The categories that have contributed most to this growth are food and drink and smoking 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 October 2019, compared to the same period a year earlier, consumer prices have increased on average by 2.7 percent: the 12-month average CPI has evolved from 128 in October 2018 to 131.5 in October 2019.