WILLEMSTAD - Figures from the Central Bureau of Statistics (CBS) released today show that the price level has increased by 1.1 percent compared to May 2022. The inflation rate has risen to 5.1 percent.
Price development in the month of June 2022 compared to the previous month of May 2022
The consumer price index (CPI) of Curaçao has increased by 1.1 percent in the month of June, compared to the month of May 2022, it has developed from 112.7 in May 2022 to 113.9 in June 2022.
The main price changes during the past month (June 2022) are; the cost of kerosene (5.4%) and electricity (5.1%), gasoline (3.0%) and diesel has become cheaper (1.0) and water by (0.5%).
Price development June 2022 compared to June 2021
The June 2022 CPI (113.9) is 7.7 percent higher than the June 2021 CPI (105.8). These figures indicate that the cost of living in June 2022 were 7.7 percent higher than in the same month of 2021. The categories that contributed most to this growth are recreation, food and furniture and home appliances.
Long-term price development: inflation June 2022
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 therefore 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 June 2022, compared to the same period a year earlier, consumer prices have increased on average by 5.1 percent: the 12-month average CPI has developed from 104.0 in June 2021 to 109.2 in June 2022.