Consumer prices May 2015 – Prices rose 0.7 percent compared to April
WILLEMSTAD - The consumer price index Curacao rose by 0.7 percent in the month of May 2015.
An average price increase can be observed from 1.3 percent measured over the twelve months to May 2015 compared to the same period a year earlier,.
During the month of May the major price changes occurred in the spending category "Housing".
This is evident from the data that was announced by the Central Bureau of Statistics (CBS).
Price trend during the month of May 2015
The consumer price index (CPI) of Curacao in May 2015 compared with April 2015, increased by 0.7 percent, ie from 122.4 to 123.2.
During the month of May the major price changes occurred in the spending category "Living" (+ 1.8%), namely electricity and water consumption for individuals was 10 and 3 percent higher respectively.
Noteworthy is also the price hike of petrol by 4 percent and the price reduction of diesel by 1.5 percent. Both products are covered by the spending category "Transport and communication" (+ 0.5%). Also striking is the decrease of the spending category "Clothing and footwear" (-0.7%) caused by the fall in prices of footwear by 4.5 percent and clothing by 0.2 percent.
The other spending categories remained (almost) stable in price. The spending category "Recreation, education and development" remained stable in price. The spending categories "Food", "Furnishings and household goods" and "Other" saw a slight price increase averaging 0.1 percent. Most striking in the spending category "Nutrition" was the price drop of the product group 'meat and fish' (-0.4%) and the price increase of the product group "Sugar and Chocolate" (+ 0.8%). In the spending category "Furnishings and household goods" there is mainly the increase of the product group "household goods" (+ 0.5%). Finally, the spending categories "Health" (+ 0.2%) and "Beverages and tobacco" (+ 0.2%) were slightly more expensive.
Price development compared to a year ago and long-term inflation
The consumer price index in May 2015 (123.2) was 0.6 percent lower than in May 2014 (123.9). This figure shows that the month of May of this year was 0.6 percent cheaper than the month of May last year, as far as the average price of consumer products and services.
The twelve-month average of prices in May 2015 was 1.3 percent higher than in May 2014, thus an increase in the 12-month average Consumer Price Index from 122.5 to 124.1. This figure (1.3%) according to the CBS is a good picture of the long-term inflation and is therefore recommended as an indexing tool.
Inflatie is een weergave van het verlies van geldwaarde, dus van koopkracht, doordat de consumentenprijzen voor producten en diensten stijgen. Het inflatiepercentage is dus een indicatie van de gemiddelde stijging van de kosten van levensonderhoud. Geconstateerd kan worden dat de inflatie op Curaçao zich gedurende de afgelopen zeven kwartalen onafgebroken onder het niveau van 2 procent bevindt.
The inflation rate is an indication of the average increase in the cost of living. It may be noted that inflation on Curaçao itself over the past seven quarters has continuously been below the level of 2 percent.