Consumer Price Index: life is becoming more expensive

PHILIPSBURG – The Consumer Price Index increased by 0.44 percent in the first quarter of 2023 compared to the last quarter in 2022. Compared to the first quarter of 2022, the increase is 3.48 percent. In other words: buying goods and services became more expensive.

The overall increase looks moderate but in categories that matter to the average citizen prices went up much more. Compared to the first quarter of 2022, prices for food and non-alcoholic beverages went up 10.5 percent, while furnishings, household equipment, and routine household maintenance became 7.97 percent more expensive. Champion in the field of higher prices is the category of hotels and restaurants with an increase of 24.07 percent.

On the relative upside, the price increase for housing, water, electricity, gas, and other fuels went up by just 1.38 percent.

Compared to the last quarter of 2022 the increases are obviously less dramatic, but the trend is consistent: life is becoming steadily more expensive in St. Maarten.

In seven of the twelve expenditure categories, prices went up between 0.24 and 2.09 percent. The only decreases were recorded in the categories of health (-0.81 percent), housing, water, electricity, gas, and other fuels (-0.45 percent), alcoholic beverages, tobacco, and narcotics (-0.18 percent). No price increases were recorded in the categories of education and hotels and restaurants.

According to the latest Household Budget Survey, prices for electricity, gas, and other fuels went down by 8.87 percent, while electricity became 10.29 percent cheaper. Rents went up 2.65 percent.

The food category shows a 4.53 percent increase in the price of fish and seafood. Other subgroups (oil and fats, meat, bread and cereals, sugar, jam, honey, chocolate and confectionary, milk cheese, and eggs and fruit) all became more expensive with increases varying from 0.21 to 2.24 percent.