Published On: Fri, May 15th, 2015

Consumer prices Curaçao: March 2015 – Prices 0.5 percent lower than in February

Curacao statisticsWILLEMSTAD - The consumer price index of Curaçao has dropped in the month of March 2015 by 0.5 percent.

Measured over the twelve months to March 2015, compared with the same period a year earlier, an average price increase can be observed of 1.3 percent.

During the month of March the most important price changes occurred in the spending category "Housing".

This is evident from the data announced by the Central Bureau of Statistics (CBS).

Price trend during the month of March 2015

The consumer price index (CPI) of Curaçao in March 2015 compared with February 2015 decreased by 0.5 percent, ie from 123.0 to 122.4.

During March, the most important price changes occurred in the spending category "Living" (-2.3%), namely the substantial rate reduction in water and electricity consumption by 11 and 10 percent respectively. Incidentally, the spending category "Living" in both February and March became 2.3 percent cheaper.

The remaining eight spending categories showed, during the month of March, a more moderate price movement. The spending category "Nutrition" became 1.1 percent more expensive, mainly due to the price development of cereals, dairy products and ready-made meals. The other expenditure categories changed between -0.3 and +0.4 per cent in value, so it can be concluded that they remained virtually stable in price.

Is also worth mentioning that the reduction of prices for small buses with 4 percent meant a reduction in the cost of public transportation by 2.5 percent, but had little effect on the spending category "Transport and Communication" (- 0.1%). This is due to the relatively low weight of the spending group "public transportation" in the total CPI consumption basket, because a relatively small proportion of consumers frequently uses public transport.

Price development compared to a year ago and long-term inflation

The consumer price index for March 2015 (122.4) was 0.1 percent lower than in March 2014 (122.5). This figure shows that the month of March this year was 0.1 percent cheaper than the month of March last year, as far as the average price of consumer products and services goes.

The twelve-month average price in March 2015 was 1.3 percent higher than in March 2014, so an increase in the 12-month average Consumer Price Index from 122.6 to 124.2. The same trend was observed in February. This figure (1.3%) according to the CBS is a good picture of the long-term inflation and is therefore recommended as indexing tool.

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