Consumer prices in Curaçao: October and November 2016
Prices in October were 0.2 percent lower than in September; prices in November 0.2 were percent higher compared to October.
WILLEMSTAD - The Curacao consumer price index fell in October by 0.2 percent, and then increased in November by 0.2 percent.
Measured over the twelve months to October and November 2016, respectively, compared to the same period a year earlier, an average price decrease can be observed from 0.4 and 0.2 percent respectively. Inflation in Curacao was -0.4 percent in October 2016 and -0.2 percent in November 2016.
During the month of October, the most notable price changes occurred in the spending categories "Food", "Housing" and "Clothing and footwear". During November the most notable price changes occurred in the spending category "Housing".
This is evident from the data announced by the Central Bureau of Statistics (CBS) recently.
Price change over October and November 2016
The consumer price index (CPI) of Curaçao in October compared to September fell by 0.2 percent, i.e. from 123.9 to 123.6. Then, the CPI rose by 0.2 percent in November, i.e. from 123.6 to 123.9.
During October the most notable price changes occurred in the spending categories "Food" (+ 0.2%), "Housing" (-0.5%) and "Clothing and footwear" (-2.0%). The price development of "Food" was mainly influenced by the price increase of the product group "Sugar and Chocolate" by 1.1 percent. With the price development of "Living" the drop of water and electricity tariff respectively 2 and 4 percent plays the most important role. Characteristic of the price development of "Clothing and footwear" was the cheapening of both footwear (-3.3%) and clothing (-1.8%).
The most notable price changes throughout November occurred in the spending category "Living" (+ 0.6%), with an increase in water and electricity tariff by 1 and 3 percent, respectively.
Since food is a daily necessity of life, below the price development of the spending category "Food" further highlights the period of one year (October 2015-October 2016). The spending category "Food" appears to have become 2 percent more expensive. This price development is caused by a combination of price increases, price reductions and price stabilization of the different food groups:
- "potatoes, fruit and vegetables" (+ 9%), "cereal products" (+ 4%), "restaurants" (+ 3%), "sugar and chocolate products' (+ 1%) and "other" (+ 1%) have become more expensive;
- "milk products" (-5%), "meat and fish" (-3%), "edible fats and -oils" (-2%) have become less expensive;
- "ready-made dishes" remained stable in price.
Price development compared to a year ago and long-term inflation
The consumer price index (CPI) in October 2016 (123.6) was 0.4 percent higher than in October 2015 (123.1), while in November 2016 (123.9) was 0.6 percent higher compared with November 2015 (123.2).
These figures (+ 0.4% and + 0.6%) are an indication that October and November this year were respectively, 0.4 and 0.6 percent higher than the same months last year, as far as the average price of consumer products and relates to services goes.
The twelve-month average of prices in October 2016 was 0.4 percent lower than in October 2015, so a decline in the 12-month average consumer price index of 123.9 in October 2015 to 123.4 in October 2016. In November 2016 (123,4), it appears this index was 0.2 percent lower compared to November 2015 (123.7).
These figures (-0.4% and -0.2%) give according to CBS a good picture of the long-term inflation.