Consumer prices for June 2023; The development of consumer prices in Curaçao for June 2023

August 4, 2023  –WILLEMSTAD – According to the data released today by the Central Bureau of Statistics (CBS), the price level in June 2023 increased by 0.2 percent compared to May 2023, and the inflation rate rose to 6.5 percent in June 2023. 

Price development in June 2023 compared to the previous month, May 2023 

The Consumer Price Index (CPI) of Curaçao increased by 0.2 percent in June 2023, compared to May 2023, rising from 116.7 in May 2023 to 116.9 in June 2023. 

In June 2023, most spending categories became more expensive, except for the spending category of transport and communication (-1.9%). The main price changes during June 2023 were the increase in recreation and development (2.1%), food items (0.7%), miscellaneous items (0.6%), home furnishings and household goods (0.8%), beverages and tobacco (1.1%), and healthcare (0.3%). On the other hand, the spending category of transport and communication became cheaper (-1.9%), including a decrease in gasoline (-1.2%), diesel (-4.2%), and transport services (-11.4%). The spending category of housing remained unchanged (0.0%) compared to May 2023, with a decrease in electricity (-3.3%), kerosene (-6.0%), and an increase in electricity (1.3%). 

Price development in June 2023 compared to June 2022 

The CPI of June 2023 (116.9) is 2.6 percent higher than the CPI of June 2022 (113.9). These figures indicate that the cost of living in June 2023 is 2.6 percent higher than in the same month of 2022. The spending categories that contributed most to this growth are food items (15.5%), home furnishings and household goods (11.0%), clothing and footwear (11.9%), beverages and tobacco (9.6%), and recreation and development (8.3%).  

Long-term price development 

Inflation is a representation of the loss of monetary value, and thus purchasing power, due to the increase in consumer prices for goods and services over an extended period (usually 12 months). The inflation rate is an indication of the average increase in the cost of living and is therefore recommended as an indexing tool for salaries, pensions, social benefits, minimum wage, and other incomes. 

The inflation in a specific month is calculated by comparing the 12-month average of the Consumer Price Index (CPI) for that month with the 12-month average CPI for the same month a year earlier. Over the period of twelve months up to June 2023, compared to the same period a year earlier, consumer prices have, on average, increased by 6.5 percent in June 2023: the 12-month average CPI has developed from 109.2 in June 2022 to 116.4 in June 2023. 

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