The development of consumer prices in Curaçao for the month of December 2020
WILLEMSTAD - Figures from Central Bureau of Statistics (CBS) announced today show that the price level has risen moderately by 0.1 percent compared to November 2020. The inflation rate has remained unchanged at 2.2 percent.
Price development in the month of December 2020 compared to the previous month of November 2020
The consumer price index (CPI) of Curaçao has increased by 0.1 percent in the month of December, compared to the month of November 2020, developing from 136.5 in November 2020 to 136.7 in December 2020.
The most important price changes during the past month (December 2020) are; the cost of kerosene (4.8%), household expenses (+ 1.8%), means of transport (+ 1.6%), meat & fish (+ 1.4%), potatoes, vegetables and fruit (+1 , 1%) and cheaper gas oil (-7.5%), electricity (-2.5%), gasoline (-1.7%) and water (-1.0%).
Price development December 2020 compared to December 2019 / Inflation figure for the year 2020
The December 2020 CPI (136.7) is 2.2 percent higher than the December 2019 CPI (133.8). These figures indicate that the cost of living in December 2020 is 2.2 percent higher than in the same month of 2019. The categories that have contributed most to this growth are beverages and tobacco, food and healthcare.
Inflation is a reflection of the loss of monetary value, i.e. purchasing power, as consumer prices for products and services increase 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 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 to December 2020, compared to the same period a year earlier, consumer prices have increased on average by 2.2 percent: the 12-month average CPI has developed from 132.1 in December 2019 to 135.0 in December 2020.