Worldwide prices are increasing primarily due to issues in the supply chain and increased energy prices. The increase in prices translates into higher inflation quotes. Hence, the Minister of Economy, Mr. Geoffrey Wever, and the Central Bureau for Statistics organized a presentation on inflation. Other experts from the Ministry of Economic Affairs, namely Mrs. Mari-Lou Lejuez-Figaroa and Giovanny Ridderstaat also participated. Mrs. Jane Semeleer and Mr. Giancarlo Croes of the Central Bank of Aruba were also part of the presentation, including ATA Director Mrs. Ronella Croes, Mrs. Tisa LaSorte (AHATA President), and Mrs. Maria Dijkhoff-Pita (DEACI Director).
During the presentation, CBS explained in-depth the procedures and methodology used for the price monitoring and calculations of the Consumer Price Index (CPI). These are in sync with the recommendations issued by the International Monetary Fund (IMF) back in July 2020.
The CPI is calculated each month and gives an overview of the consumer product’s price development.
The CPI for November 2021 indicates an increase of 0,6% compared to October 2021. The current annual rate is 3.1%
To track the prices, CBS monitors the price list of products at different locations in Aruba, including supermarkets, restaurants (fast-food and full-service), apparel stores, hardware stores, and many more. On average, CBS monitors 7.157 product prices.
Since we import almost everything we consume, the increase in product prices on the international market inevitably affects prices. This reflects on the rise of the CPI. In the Netherlands, Curacao, and the BES islands, the price increase is caused mainly due to the surge in utility costs, gas, gasoline, and diesel. In Aruba, the transportation sector, which includes gasoline, diesel, and the automobile market, has seen an average increase of 7.3% between November 2020 and November 2021, while the utility prices, including gas, did not increase. That is why Aruba did not experience the same developments compared to the Netherlands, Curacao, and the BES islands.
It is essential to keep track of the price developments in Aruba. All the relevant partners present at the presentation agreed to jointly work to have a better overview of the price developments in Aruba.