Published On: Thu, Jun 12th, 2014

Consumer prices Curacao: January, February and March 2014

StatisticsWILLEMSTAD - The consumer price index of Curacao in the months of January and February 2014 increased by 0.5 and 0.2 percent respectively, and then decreased by 0.7 percent in March 2014.

An increase of 1.4, 1.3 and 1.0 percent, respectively was measured over the twelve months until successively January, February and March, compared to the same period a year earlier.

The price changes which, during the months of January, February and March, have influenced the evolution occurred the most in the spending categories "Housing", "Transport and communication" and "Food".

This is evident from the data which was recently announced by the Central Bureau of Statistics (CBS).

CBS apologizes for the delay in the processing and publication of the CPI and inflation rates, which was mainly caused by the transition to a new processing system in which CBS is currently located.

Price change during the months of January, February and March 2014

The consumer price index (CPI) of Curacao in the month of January 2014 has increased by 0.5 percent compared to December 2013, i.e. from 122.5 to 123.1. In February, this figure has increased by 0.3 percent compared with January, from 123.1 to 123.4. In the month of March, the CPI has decreased compared to February, i.e. by 0.7 percent, from 123.4 to 122.5.

The main price developments during January were the increase in water and electricity tariffs by 11 percent and 4 respectively, and also the decrease of gasoline by 5 percent. Then in February, the opposite trend in prices occurred: water and electricity were cheaper, 5 and 2 percent, respectively, while gasoline (+3%) was more expensive. The month of March was marked by the tariff cuts in electricity and water consumption by 10 and 9 percent respectively. The first three months of this year were marked by an increase in the spending category "Food", i.e. by 0.7 percent in January and February and 1.7 percent in March. This was mainly due to increase in prices of food group "potatoes, vegetables and fruits".

Price change compared to a year ago, and long-term inflation

The consumer price index in January 2014 (123.1) was 1.7 percent higher than in January 2013 (121.0). This figure shows that the month of January of this year was 1.7 percent more than January last year.

For the months of February and March 2014 this figure was 1.1 and 0.4 percent respectively. So in February 2014 (123.4) it was 1.1 percent higher than in February 2013 (122.1), while in March 2014 (122.5) it was 0.4 percent lower than in March 2013 (123.0).

The twelve-month average of prices in January 2014 was 1.4 percent higher than in January 2013, i.e. an increase in the 12-month average consumer price index from 120.9 to 122.5. For the months of February and March 2014, an increase of this figure can be observed of 1.3 (from 121.1 to 122.6) and 1.0 percent (from 121.3 to 122.6), respectively. The aforementioned figures of 1.4, 1.3 and 1.0 percent, according to CBS, give a good picture of the long-term inflation and are therefore recommended as the indexing tool.

Inflation is a reflection of the loss of monetary value, the purchasing power, as consumer prices increase for goods and services. The inflation rate is an indication of the average increase in the cost of living. Inflation in Curacao is in the last few months below the level of 2 percent.

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