The development of consumer prices in Curaçao for the month of November 2020
WILLEMSTAD - Figures from Central Bureau of Statistics (CBS) announced today show that the price level has remained the same compared to October 2020. The inflation rate has fallen moderately to 2.2 percent.
Price development in the month of November 2020 compared to the previous month of October 2020
The consumer price index (CPI) of Curaçao has remained the same in the month of November compared to the month of October 2020; it has thus remained constant at 136.5 in November 2020.
The most important price changes during the past month (November 2020) are; dairy products (+ 2.6%), sugar and chocolate (+ 2.1%) and kerosene (+ 1.4%) and electricity (-3.1%), water (-1.6 %) and gas oil (-1.5%).
Price development November 2020 compared to November 2019
The November 2020 CPI (136.5) is 2.1 percent higher than the November 2019 CPI (133.7). These figures indicate that the cost of living will be 2.1 percent higher in November 2020 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 November 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 131.8 in November 2019 to 134.7 in November 2020.