Published On: Wed, Oct 1st, 2014

Consumers’ prices: August 2014

Curacao statisticsWILLEMSTAD - The consumer price index of Curaçao has remained stable in the month of August 2014. Measured over the twelve months to August 2014, compared to the same period a year earlier, an average price increase can be observed from 1.0 percent.

The most notable change during the month of August, occurred in the spending categories "Housing" and "Transport and communication". This is evident from the data that the Central Bureau of Statistics (CBS) has announced recently.

Price development during the month of August 2014

The consumer price index (CPI) of Curaçao remained stable in August 2014, so at the level of 125.1.

Of the nine spending categories, seven increased in price, one dropped in price and one remained stable in price. The seven spending categories that were more expensive, "Beverages and tobacco" (+1.3%), "Nutrition" (+ 0.9%), "Health Care" (+ 0.9%), "Other" (+0, 5%), "furnishings and household goods' (+0.5%)," Clothing and footwear "(+ 0.5%) and" Transport and communication "(+ 0.3%).

The expenditure category "Housing" has been 1.3 per cent, while spending category "Recreation, education and development" has remained stable in price.

The most notable specific price changes of consumer products and services over the past month are: the decrease in the average electricity tariff by 8 percent (spending category "Housing"), the rise in the average water rate by 4 percent (spending category "Housing") and the increase in the price of petrol by 2 percent (spending category "Transport and communications").

Price change compared to a year ago, and long-term inflation

The consumer price index for August 2014 (125.1) was 2.8 percent higher than in August 2013 (121.7). This figure indicates that the month of August of this year was 2.8 percent higher than August last year, as far as the average price of consumer goods and services are concerned.

The twelve-month average of prices in August 2014 was 1.0 percent higher than in August 2013, so an increase in the 12-month average consumer price index of 122.1 to 123.3. This figure (1.0%) gives, according to the CBS, a good picture of the long-term inflation and is therefore recommended as the 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 de laatste maanden aan het stijgen is, na een periode van daling.

Inflation is a representation of the loss of monetary value, thus purchasing power as consumer prices for goods and services rise. The inflation rate is an indication of the average increase in the cost of living. It could be observed that inflation in Curaçao in recent months is on the rise, after a period of decline.

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