Published On: Wed, Dec 10th, 2014

Consumer prices Curacao: October 2014

SupermarketWILLEMSTAD - The consumer price index of Curaçao has remained stable in the month of October 2014.

An average price increase can be observed from 1.3 percent Measured over the period of twelve months to October 2014, compared to the same period a year earlier.

The most notable changes in prices during the month of October occurred in the categories of expenditure "Living" and "Transport and communication".

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

Price developments during the month of October 2014

The consumer price index (CPI) of Curaçao in October 2014 compared to September 2014, remained stable at the level of 124.7.

Of the nine expenditure categories seven rose in price and two dropped in price. The seven expenditure categories that were more expensive, "Nutrition" (+ 0.1%), "Furnishings and household goods' (+ 0.1%)," Other "(+ 0.4%)," Recreation, education and development "(+ 0.5%), "Health" (+ 0.6%), "Beverages and tobacco" (+ 0.9%) and "Transport and communication" (+ 1.3%). The two expenditure categories that were cheaper, "Housing" (-1.1%) and "Clothing and footwear" (-1.9%).

The most notable specific price changes of consumer goods and services during October are: the decline of the average electricity rate and water rate by 6 and 4 percent (spending category "Living") and the decrease in the price of petrol by 5 percent (spending category "Transport and communication" ).

The cheapening of the spending category "Living" is caused by the tariff reduction in the use of electricity and water. Although the price of gasoline has gone down, the cost of driving has increased because car repair has become more expensive. The spending category "Transport and communication" has become more expensive.

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

The consumer price index in October 2014 (124.7) was 2.0 percent higher than in October 2013 (122.3). This figure shows that the month of October this year is 2.0 percent more expensive than the month of October last year, as far as the average price of consumer products and services goes.

The twelve-month average of prices in October 2014 was 1.3 percent higher than in October 2013, an increase of the 12-month average consumer price index from 122.2 to 123.8. This figure (1.3%) gives the CBS a good picture of the long-term inflation and is therefore recommended as indexing tool.

Inflation is a reflection of the loss of monetary value, thus the consumers’ purchasing power as prices for products and services increases. The inflation rate is an indication of the average increase in the cost of living. It may be that inflation in Curacao has been gradually on the rise in recent months, after a period of decline.

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