WILLEMSTAD - The figures from the Central Bureau of Statistics (CBS) announced today show that the price level has increased by 0.3 percent compared to September 2021. The inflation rate has increased to 3.4 percent.
Price development month of October 2021 compared to the previous month of September 2021
Curaçao's consumer price index (CPI) increased by 0.3 percent in September, compared to September 2021, developing from 106.7 in September 2021 to 107.0 in October 2021.
The main price changes during last month (October 2021) are water (3.8%), gas oil (2.6%), kerosene (6.9%), edible fats (2.2%) and fuel (-0.6%), restaurants (-0.3%) and hobby items (-0.2%) becoming cheaper.
Price development October 2021 compared to October 2020
The October 2021 CPI (107.0) is 3.5 percent higher than the October 2020 CPI (103.4). These figures indicate that the cost of living in October 2021 will be 3.5 percent higher than in the same month of 2020. The categories that contributed most to this growth are food, housing, and health care.
Long-term price development: inflation October 2021
Inflation reflects the loss of monetary value, i.e., purchasing power, as consumer prices for products and services rise 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 wage, and other incomes.
Inflation in a given month is calculated by comparing the 12-month average CPI in that month with the 12-month average CPI in the same month a year earlier. Measured over the twelve-month period to October 2021, compared to the same period a year earlier, consumer prices have increased on average by 3.4 percent: the 12-month average CPI has developed from 101.8 in October 2020 to 105.2 in October 2021.