Wednesday , March 22 2023

Inflation at 0.1 per cent

On the basis of the Consumer Price Index (CPI) the Dutch Central Bureau of Statistics (CBS) reports that the inflation rate on Bonaire slipped to 0.1 per cent in the first quarter of 2017. Year-onyear, prices of goods and services also decreased on Saba (1.0 per cent). On St. Eustatius inflation climbed to 1.1 per cent.

This graph tells the story.

From January up to and including March prices of goods and services on Bonaire were only marginally higher (0.1 per cent) than in the same period last year, when the rate had been 0.5 per cent.

Price developments for natural gas, men’s and women’s wear and food products held inflation down. Products like fresh vegetables and cheese also became cheaper.

On an annual basis, petrol price rose by more than 6 per cent in this quarter, which had an upward effect on inflation.

The rate on Statia jumped to 1.1 per cent, up from 0.2 per cent in the fourth quarter of 2016. Food products and petrol were the main contributors to the increase.

The average price of petrol was more than 17 per cent up in Q1 this year from Q1 2016. The natural gas price also had an upward effect on inflation. Although the natural gas price was 2.3 per cent lower than one year previously, the year-on-year price drop in the last three months of 2016 was much more substantial.

In the first quarter of 2017 households on Saba on average paid 1.0 per cent less for the goods and services included in the “shopping basket” compared to one year previously, whereas in the fourth quarter of 2016, goods and services in the basket had been 0.3 per cent cheaper.

The lower inflation rate was mainly due to food price developments. Prices of fresh vegetables, for example, were more than 40 per cent lower and the price of eggs was more than 20 per cent lower than a year ago. Price developments for toiletries pushed inflation upwards.

The status of figures referring to 2017 is provisional. Final numbers will be presented simultaneously with the publication of figures over the second quarter.

The Daily Herald.

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