Published On: Mon, Sep 2nd, 2013

Consumer prices in July 2013 were 0.8 percent lower than in June

WillemstadWILLEMSTAD - The consumer price index of Curaçao has fallen in the month of July 2013 by 0.8 percent compared to June 2013. Measured over the twelve months till July 2013, the prices went up by 2.1 percent compared to the same period a year earlier.

The price changes with the greatest impact on the development of last July occurred in the spending categories "Transport and communication", "Housing", "Power" and "Beverages and tobacco".  This is evident from the data which was presented and announced by the Central Bureau of Statistics (CBS).

Price development between June and July 2013

The consumer price index (CPI) of Curaçao has fallen in the month of July 2013 by 0.8 percent compared to June 2013, from 122.5 to 121.5.

Of the nine expenditure categories four had significant price changes: "Transport and communication" (-2.2%), "Beverages and tobacco" (+1.4%), "Food" (-0.7%) and "Living" (-0.6%).

The price trend in the spending category "Transport and communication" was mainly influenced by the products becoming cheaper in the services group "cost of driving" (-5.9%), specifically the decrease of gasoline prices by 5 percent. The price trend in the spending category "Housing" was during the last month of July marked by the decline rate of electricity (-3%) and water (-1%). The price increase in the spending category "Beverages and tobacco" was caused by the increase of both the product "beverages" (+1.3%), in particular alcoholic beverage products, as "tobacco products" (+1.7%). The decline of the spending category "Nutrition" is mainly caused by the aging of the product "potatoes, fruit and vegetables" (-2.2%), "cereal" (-1.4%), and "dairy" (cheaper - 1.0%).

Price change compared to a year ago and long term inflation

The consumer price index increased between July 2012 and July 2013 from 121.0 to 121.5, an increase of 0.4 percent. This figure indicates how much more expensive the month of July of this year was compared to the month of July last year.

In July 2013 the twelvemonth average of prices was 2.1 percent higher than in July 2012, so an increase in the 12-month average consumer price index of 119.4 to 122.0.

The aforementioned rate of 2.1 percent gives, according to the CBS, a good picture of the long-term inflation and is therefore recommended as an indexing tool. Inflation in Curacao therefore exhibits a downward trend in recent months.

Inflation

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