Published On: Tue, Mar 13th, 2018

Consumer prices in Curaçao: January 2018; Price level 0.6 percent higher than in December 2017; Inflation 1.7 percent

Curacao StatisticsWILLEMSTAD - Price development for the month of January 2018 compared to the month of December 2017.

The consumer price index (CPI) of Curaçao rose by 0.6 percent in January 2018, from 126.3 in December 2017 to 127.1 in January 2018. The most striking specific price changes in January 2018 are the increase in electricity tariffs and health insurance premiums, both with 6 percent. Also worth mentioning are the increase in the minimum wage (+ 2%) and the increase in the price of petrol (+ 1%), potatoes, vegetables and fruits (+ 2%), gasoline/diesel (+ 4%) and footwear (+ 4%).

The CPI of January 2018 (127.1) is 1.8 percent higher than the CPI of January 2017, when a CPI of 124.8 was measured. This figure (1.8%) is an indication that the consumer price level during the month of January 2018 is 1.8 percent higher than during the month of January 2017.

Long-term price development: inflation January 2018

Inflation is a reflection of the loss of monetary value, ie of purchasing power, because the consumer prices for products and services increase over a longer period (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 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 months up to and including January 2018, compared with the same period a year earlier, consumer prices have increased on average by 1.7 percent: the 12-month average CPI has developed from 123.6 in January 2017 to 125.7 in January 2018. Inflation on Curaçao in January 2018 is 1.7 percent.

Long-term price development: inflation last 27 months

Over the past two years (27 months), consumer price development has first resulted in 13 months of slight deflation, followed by two months of zero inflation, while the period of the past 12 months is characterized by gradually rising inflation.

This is evident from the data that the Central Bureau for Statistics (CBS) has published today.

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