The development of consumer prices in Curaçao for the month of September 2020
WILLEMSTAD - Figures from the Central Bureau of Statistics (CBS) that were released today show that the price level has increased by 0.5 percent compared to August 2020. The inflation rate has fallen moderately to 2.3 percent.
Price development in the month of September 2020 compared to the previous month of August 2020
The consumer price index (CPI) of Curaçao has increased by 0.5 percent in the month of September, compared to the month of August 2020, it has developed from 135.7 in August 2020 to 136.4 in September 2020.
The most important price changes during the past month (September 2020) are; the cost of electricity (3.7%), gas oil (3.4%), gasoline (2.7%), kerosene (2.2%), water (1.7%), dairy products (1.4%), sugar and chocolate (1.2%), potatoes, fruit and vegetables (0.8%) and the price of hobby items (-1.3%), edible fats (-0.7%) and household appliances and tools (-0.4%)
Price development September 2020 compared to September 2019
The September 2020 CPI (136.4) is 2.1 percent higher than the September 2019 CPI (133.6). These figures indicate that the cost of living in September 2020 is 2.1 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.
Long-term price development: inflation September 2020
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 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 to September 2020, compared to the same period a year earlier, consumer prices have increased on average by 2.3 percent: the 12-month average CPI has developed from 131.2 in September 2019 to 134.3 in September 2020.
