WILLEMSTAD - The figures from the Central Bureau of Statistics (CBS) that were announced today show that the price level in February 2019 is 0.5 percent lower than in January 2019 and the inflation figure is 2.7 percent.
Price development for February 2019 compared to January 2019
The consumer price index (CPI) of Curaçao increased by 0.5 percent in the month of February 2018, so from 130.6 in January 2019 to 129.9 in February 2019. The most important price changes during the last month (February 2019) are electricity becoming cheaper (- 8.8%) and gasoline (-5.3%). In addition, the prices of sweets (-2.2%) have fallen, and the prices of cabbage crops (+ 11.4%) have risen in the food spending categories.
Price development for February 2019 compared to February 2018
The CPI of February 2019 (129.9) is 2.1 percent higher than the CPI of February 2018, when a CPI of 127.2 was measured. This figure (2.1%) is an indication that the consumer price level during the month of February 2019 is 2.1 percent higher than during the month of February 2018.
The development of all spending categories for January 2019 compared to February 2019:
1 power supply 0.8%
2 Beverages and smoking items 0.2%
3 Clothing and footwear 0.0%
4 Living -1.6%
5 Home furnishings and furniture 0.0%
6 Healthcare -0.9%
7 Transport & Communication -0.7%
8 Recreation and Development -0.1%
9 Other 0.0%
Long term price development: inflation February 2019
Inflation is a representation 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 February 2019, compared to the same period a year earlier, consumer prices increased on average by 2.7 percent: the 12-month average CPI has evolved from 125.8 in February 2018 to 129.2 in February 2019. The inflation on Curaçao in February 2019 is therefore 2.7 percent.