Substantial price increase on Saba

24/01/2018 15:30
In Q4 2017, consumer prices on Saba were 2.5 percent up over one year previously. In the previous quarter, Saban consumers still paid 1.3 percent less for goods and services year-on-year. The annual price increase was 1.8 percent on St Eustatius and 1.2 percent on Bonaire, Statistics Netherlands (CBS) reports.

As of Q4 2016, prices on Saba declined year-on-year until hurricane Irma passed in September 2017. In Q4 2017, many goods and services went up in price, especially food products. Fresh fruit is currently almost 25 percent more expensive than one year previously; cheese has risen by over 14 percent. In addition, prices of building materials have increased, as well as prices in the sector hotels and restaurants.

Not all products became more expensive. For example, egg prices dropped by more than 30 percent in the past year. Petrol went down as well, which had a dampening effect on the total price increase in Q4.

Consumer prices on St Eustatius 1.8 percent up

On St Eustatius, households paid 1.8 percent more for goods and services in Q4 year-on-year. Unlike on Saba, prices on St Eustatius were higher throughout 2017 compared to 2016: up by as much as 2.1 percent in Q3 year-on-year. On average, prices of food rose less rapidly in the past quarter. However, potato and egg prices in particular became much more expensive compared to one year previously.

Petrol prices up on Bonaire

In Q4, Bonaire saw a 1.2 percent increase in consumer prices relative to one year previously, versus 0.6 percent in Q3. The higher price increase in Q4 is mainly due to price developments of petrol and electricity. Petrol is currently up by almost 12 percent on average. Electricity, on the other hand, went down in price one year previously. This had a moderating effect on the price for the next twelve months, which has worn off in the meantime.

Average price development 2017

In 2017, the average price level for consumers on St Eustatius was 1.9 percent up on the previous year. On Saba, average prices of goods and services in 2017 were almost at the same level as in 2016, despite price increases in Q4. Bonaire’s price level did not change much either: prices went up by 0.5 percent on average.

This is the final publication with 2010=100 as base year for the consumer price index. With effect from Q1 2018, CBS will apply a consumer price index for the Caribbean Netherlands with 2017=100 as a basis. This will impact the way the index is used. In its publication over Q1 2018, CBS will explain the effect of this change and how the new index can be used.

Provisional figures

Figures referring to Q4 2017 and to the year 2017 are provisional and will be definite upon publication of the figures over Q1 2018.

Papiamentu

A Papiamentu translation of this news release can be obtained from Statistics Netherlands’ office on Bonaire by sending a request via email to: caribischnederland@cbs.nl

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