The development of consumer prices in Curaçao for the month of December 2019
WILLEMSTAD - The figures from the Central Bureau of Statistics (CBS) that were announced today show that the price level rose by 0.1 percent in December 2019 compared to November 2019 and the inflation rate fell moderately to 2.6 percent.
Price development in December 2019 compared to the previous month of November 2019
The consumer price index (CPI) of Curaçao has risen by 0.1 percent in the month of December, compared to November 2019, developing from 133.7 in November 2019 to 133.8 in December 2019.
The most important price changes during the past month (December 2019) are; gasoline (-5.3%), kerosene (-1.6%), water (-0.5%) becoming cheaper and gas oil (2.0%), beverages (2.0%), smoking materials (2.2%), meat and fish becoming more expensive (1.4%), edible fats (1.3%) and means of transport privately owned (1.0%).
Price development December 2019 compared to December 2018
The December 2019 CPI (133.8) is 2.3 percent higher than the December 2018 CPI (130.8). These figures give an indication that the cost of living in December is 2.3 percent higher than in the same month of 2018. The categories that have contributed most to this growth are beverages and smoking, food and housing.
Long-term price development: inflation December 2019
Inflation is a representation of the loss of monetary value, that is, 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 December 2019, compared to the same period a year earlier, consumer prices increased on average by 2.6 percent: the 12-month average CPI has evolved from 128.7 in December 2018 to 132.1 in December 2019.