In Q1 2023, consumer goods and services on 7.0 percent in Q1 2023. This was still 9.7 percent in Q4 2022. The downward effect was mainly caused by a drop in the variable usage tariff for electricity. In addition, petrol became cheaper.
The inflation rate on Bonaire was still 8.1 percent in Q4 2022. The lower inflation in the past two quarters is largely attributable to a subsidy on the fixed usage tariff for electricity that was implemented as of 1 November 2022. This is reported by Statistics Netherlands (CBS) on the basis of the Caribbean Netherlands’ consumer price index.
On St Eustatius, prices were up by 8.0 percent year on year in Q1 2023. In Q4 2022, the inflation rate stood at 9.1 percent. The subsidy on the fixed usage tariff for electricity had a dampening effect on inflation here as well.
Inflation is the year-on-year change in the consumer price index; it was lower on all three islands in the first quarter. The decline was strongest on Bonaire: from 8.1 percent in Q4 to 4.5 percent in Q1. On St Eustatius and Saba, the decrease was less substantial.
This does not mean that prices in the first quarter of 2023 also fell compared to the fourth quarter of 2022. Prices on Bonaire rose by 0.9 percent and on St Eustatius by 0.4 percent. Only Saba recorded a very slight price decrease: -0.1 percent in Q1 2023 relative to Q4 2022.
Slight quarter-on-quarter price decrease on Saba: -0.1 percent
Saba recorded a slight price decrease in Q1 compared to the previous quarter. Petrol was 9.4 percent cheaper in the first quarter and the price of diesel fell by 8.0 percent. Prices of food and non-alcoholic beverages and those of clothing and footwear rose by 1.9 percent quarter on quarter.
Prices on Bonaire 0.9 percent up compared to the previous quarter
Relative to Q4 2022, prices on Bonaire rose by 0.9 percent in Q1 2023. This increase was mainly due to higher prices of food and non-alcoholic beverages. Eggs stood out with a price increase of 26.5 percent compared to the previous quarter. Airline tickets also increased in price by 9.2 percent quarter on quarter. Furthermore, the waste collection charge rose as of 1 January 2023. Electricity was cheaper in Q1 due to the aforementioned subsidy on the fixed usage tariff. Furthermore, petrol and diesel decreased in price compared to the previous quarter, by 8.5 and 11.6 percent respectively.
0.4-percent price increase on St Eustatius relative to the previous quarter
On St Eustatius, consumer prices rose by 0.4 percent in Q1 2023 relative to Q4 2022. Prices of food and non-alcoholic beverages were up quarter on quarter, with the price of bread increasing by 9.6 percent. Toiletries were 4.6 percent and other personal care products 8.4 percent more expensive than in the previous quarter. Electricity was cheaper due to the subsidy that took effect on 1 January on the island. As a result, the electricity price fell by 7.7 percent relative to the fourth quarter.