Aruba CPI Report for July 2024: Key Sectoral Price Increases
The Central Bureau of Statistics (CBS) in Aruba has released the latest Consumer Price Index (CPI) data for July 2024, revealing notable price increases in several sectors. This report offers insights into the key drivers behind these changes and their impact on the overall CPI.
July 2024 CPI Overview: A 0.4% Increase
The Aruba CPI for July 2024 stands at 109.20, marking a 0.4% increase compared to June 2024’s index of 108.72. Over the last 12 months, from July 2023 to July 2024, the CPI rose by 2.8%, showing a significant 1.1 percentage point (ppt) increase compared to the same period last year. The average annual inflation rate for the periods of July 2021 to July 2022 and July 2023 to July 2024 is 1.8%, reflecting a decrease of 3.8 ppt from the previously recorded 5.6% in the years July 2020 to July 2021 and July 2022 to July 2023.
Sectoral Price Increases: 9 Out of 12 Sectors See a Rise
In July 2024, 9 out of 12 sectors experienced price increases, significantly influencing the overall CPI. The most substantial increases were seen in the “Furniture” sector, which rose by 1.6%, and the “Food and Non-Alcoholic Beverages” sector, which saw a 0.6% increase. These sectors contributed 0.14 and 0.07 ppt to the CPI, respectively.
Other sectors also contributed to the CPI increase, collectively adding 0.28 ppt. However, these increases were partially offset by a notable decrease in the “Communication” sector, which dropped by 0.7%, reducing the CPI by -0.06 ppt. This drop was primarily due to a significant 15.1% decrease in the “Telephone and Fax Equipment” category.
Impact of Price Changes on the Consumer Basket
The CPI’s consumer basket consists of 408 goods and services. In comparison to June 2024, 46.1% of these goods and services saw price increases, resulting in a 1.00 ppt impact on the CPI. Meanwhile, 36.0% experienced price decreases, contributing to a -0.57 ppt impact, and 17.9% saw no price change. Goods prices rose by 0.3%, contributing 0.15 ppt, while service prices increased by 0.7%, adding 0.28 ppt to the July 2024 CPI.
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