Consumer prices Curacao: August 2015 – Prices are down 0.3 percent compared to July
WILLEMSTAD - The consumer price index of Curaçao fell by 0.3 percent in the month of August 2015.
Measured over the twelve months to August 2015, compared to the same period a year earlier, an average price increase can be observed by 0.6 percent.
During August, the most important price changes occurred in the spending categories “Living” and “Transport and communications”.
This is evident from the data announced by the Central Bureau of Statistics (CBS) today.
Price trends during the month of August 2015
The consumer price index (CPI) of Curacao in August 2015 compared to July 2015, decreased by 0.3 percent, i.e. from 125.2 to 124.8.
During the month of August the most striking specific price changes occurred in the expenditure categories "Living" (-1.4%) and "Transport and communication" (+ 0.4%).
The price development in the spending category "Living" was mainly influenced by the decrease of the electricity tariff by 8 percent, while the price trend in the spending category "Transport and Communication" was characterized mainly by the price hike of petrol by 3 percent.
The other spending categories remained (almost) stable in price. It is remarkable that here in the spending category "Power" price declines and price increases have balanced each other.
Price change compared to a year ago and inflation
The consumer price index for August 2015 (124.8) was 0.2 percent lower than in August 2014 (125.1). This figure shows that the month of August of this year was almost at the same price level as the month of August last year, as far as the average price of consumer products and services goes.
The twelve-month average of prices in August 2015 was 0.6 percent higher than in August 2014, so a rise in the 12-month average Consumer Price Index from 123.3 to 124.0.
The inflation rate (0.6%), according to the CBS, properly reflects the loss of purchasing power over a period of one year and is therefore recommended as an indexing tool.