Inflation in the Caribbean Netherlands.
CARIBBEAN NETHERLANDS--In the first quarter of 2024 (Q1), consumer goods and services on Bonaire were 3.5% more expensive than one year previously.
In Q4 2023, the inflation rate was 4.1%. This is reported by Statistics Netherlands (CBS) on the basis of the consumer price index for the Caribbean Netherlands.
In St. Eustatius, prices rose by 0.3% in Q1 2024, year on year, having fallen by 1.0% in Q4 2023. Inflation on Saba was 2.0% in Q1 2024, compared with 1.2% in Q4 2023.
Prices in Bonaire
Prices in Bonaire rose 0.3% compared with the previous quarter. This increase was caused in part by higher cost for housing, water and energy. Electricity cost rose by 1.4% due to an increase in the variable energy rate which took effect on January 1. Prices in accommodation and food services rose by 5.7% this quarter compared with the previous quarter. Inflation was held back by lower communication cost, which fell by 14.1% from the previous quarter. This fall was caused by an additional subsidy for internet subscriptions that took effect on January 1. Transportation expenses were also lower: petrol prices fell 5.2% in Q1 compared to the previous quarter.
CPI Caribbean Netherlands.
Prices in St. Eustatius
In St. Eustatius, consumer prices rose 1.7% in Q1 2024 compared to Q4 2023. Transportation cost increased compared to the previous quarter. Airline ticket prices rose by 14.6%, while petrol became 3.1% more expensive. The average price of a car also rose by 4.7% compared to the previous quarter. The price of electricity rose by 5.9% compared to Q4 2024. The variable energy rate was increased on January 1, just as it was on Bonaire.
On the other hand, prices for clothing and footwear fell by 3.4% compared to the previous quarter, which had a downward effect on the overall price change in consumer goods. Communications expenses also fell by 9.4% this quarter. As in Bonaire, the additional subsidy on Internet subscriptions came into effect on January 1.
Prices in Saba
In Saba, prices rose by 0.7% in Q1 2024 compared with the previous quarter. Communications were 10.4% more expensive this quarter. In Q4 2023, communications expenses were lower due to a one-time grant provided by the Island Council in November 2023. Additional subsidies were provided January 1, 2024, as on Bonaire and St. Eustatius, which mitigated price rises following the November cuts. Electricity cost also rose 3.5% compared with the previous quarter, due to an increase in the variable energy rate on January 1.
The increase in inflation this quarter was mitigated by a 3.2% fall in prices for clothing and footwear compared with the previous quarter.
Provisional figures
The figures relating to Q1 2024 are provisional and will only become definitive upon the publication of the figures on Q2 2024. The preliminary figures for Q4 2023 for Saba have been adjusted due to updated data on telecommunications cost. The preliminary figures for Q4 2023 for Bonaire were also adjusted due to changes resulting from the definitive analysis and the processing of data on prices for motor vehicles.
