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Inflation in 2012: 3.2 percent PDF Afdrukken E-mail
Wednesday, 30 January 2013 09:47

 

WILLEMSTAD — The consumer price index figure of Curaçao decreased in December 2012 with 0.7 percent compared to November 2012. Measured over the period of twelve months up to and including December 2012, the prices creased with 3.2 percent compared to the same period in 2011, according to the Central Statistical Office (CBS).The most important price changes in December 2012 occurred in the spending categories ‘Clothing and Footwear’, ‘Living’ and ‘Transport and Communication’. The categories ‘Transport and Communication’, ‘Food’ and ‘Living’ contributed the most to the inflation of Curaçao in 2012.

 

The consumer price index figure (CPI) of Curaçao decreased in December with 0.7 percent compared to November, namely from 122.4 to 121.6. The spending categories that had showed the most important price change in December were ‘Clothing and Footwear’ (+1.4 percent), ‘Living’, (-1.6 percent) and ‘Transport and Communication’ (-0.8 percent).

Clothing became more expensive with 1.6 percent. The price development of ‘Living’ was mainly determined by the price decrease in energy and water consumption with 6.1 and 3.5 percent respectively. The price development of energy consumption was mainly determined by a lower electricity tariff of 7 percent.

The price development of ‘Transport and Communication’ balanced between the price increase of ‘new cars with 2 percent and the price decrease of ‘costs of driving’ and ‘communication’ with 3 and 2 percent respectively. The product and service group ‘costs of driving’ was mainly influenced by a 6-percent price decrease for gasoline.

 

Inflation

A strong fluctuating inflation is seen in the past twenty years. There are two distinct peaks, namely 5.8 percent in 2000 and 6.9 percent in 2008. This period also showed three dips namely 0.4 percent in 1999 and 2002 and 1.8 percent in 2009. The average inflation on Curaçao in the past twenty years is 2.7 percent; the 3.2-percent inflation in 2012 is therefore higher than average.

In the spending category ‘Transport and Communication’ the price development of ‘the costs of driving’ (especially with gasoline) and ‘new cars’ had the largest impact. These products were more expensive in 2012 with 6.2 and 6.0 percent respectively than in 2011.

The largest impact in the spending category ‘Food’ was the price development of wheat products, meat and fish, dinning out, potatoes, vegetables and fruit. These products were more expensive in 2012 compared to 2011.

In the spending category ‘Living’ the price development of electricity consumption and rent & mortgage had the largest impact. These products were more expensive in 2012 with 5.1 and 2.2 percent respectively than in 2011.