Published On: Tue, Apr 23rd, 2013

Consumer prices in March 2013, 0.7 percent higher than in February

GraphicWILLEMSTAD - The consumer price index of Curaçao increased in the month of March 2013 by 0.7 percent compared to February 2013.

Measured over the twelve months to March 2013, the prices increased by 2.9 percent compared to the same period a year earlier.

The spending categories that have contributed most to the increase in prices during the past month of March were "Housing" and "Transport and communications".

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

Price changes between February and March 2013

The consumer price index (CPI) of Curaçao has increased in the month of March 2013 by 0.7 percent compared to February 2013, i.e. from 122.1 to 123.0.

In the past month the spending categories "Housing" (+1.6%) and "Transport and communication" (+0.8%) were the most important in price developments. The evolution of "Living" was mainly characterized by energy (+5.2%) becoming more expensive because the electricity tariff increased by 6 percent. Noteworthy within the spending category "Housing" is also the rate increase of water consumption by 4 percent, although this had much less impact on prices compared to the impact of the electricity tariff increase. The evolution of "Transport and Communication" was characterized by the increase of gasoline with 5 percent, making the product "cost of driving"  2.3 percent more expensive.

The remaining seven expenditure categories showed a price change of almost zero during the past month:

 "Power" and "Beverages and tobacco": +0.1 percent;

 "Furnishings and household goods" and "Recreation, development and education": +0.2 percent;

 "Clothing and footwear" and "Other": +0.3 percent;

 "Healthcare": -0.4 percent.

Price change over a year ago and long-term inflation

The consumer price index rose between March 2012 and March 2013 from 119.9 to 123.0, an increase of 2.6 percent. This figure indicates again how much more expensive the month of March of this year was compared to March last year.

In March 2013 the twelve-month average of prices was 2.9 percent higher than in March 2012, so an increase in the 12-month average consumer price index from 117.9 to 121.3.

The aforementioned figure of 2.9 percent, according to the CBS, gives a good picture of the long-term inflation and is therefore recommended as indexing tool. Inflation in Curacao has slightly decreased.

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