How have prices developed in the Caribbean Netherlands?
In 2022, consumer prices for goods and services in the Caribbean Netherlands increased compared to the previous year, as indicated by the change in the consumer price index. Among the three islands, St Eustatius had the lowest inflation rate, while Bonaire experienced the highest.
| Year | Quarter | Bonaire | St Eustatius | Saba |
|---|---|---|---|---|
| 2017 | Q1, 2017 | 0.1 | 1.1 | -1.0 |
| 2017 | Q2, 2017 | 0.4 | 2.6 | -1.0 |
| 2017 | Q3, 2017 | 0.7 | 2.2 | -1.3 |
| 2017 | Q4, 2017 | 1.1 | 1.8 | 2.4 |
| 2018 | Q1, 2018 | 3.9 | 2.0 | 2.9 |
| 2018 | Q2, 2018 | 3.0 | 1.2 | 3.2 |
| 2018 | Q3, 2018 | 3.5 | 1.1 | 4.4 |
| 2018 | Q4, 2018 | 3.4 | 1.1 | 0.0 |
| 2019 | Q1, 2019 | 0.7 | 0.7 | 0.6 |
| 2019 | Q2, 2019 | 1.1 | 0.4 | 0.5 |
| 2019 | Q3, 2019 | 1.2 | 0.7 | 0.3 |
| 2019 | Q4, 2019 | 2.2 | 1.0 | 0.8 |
| 2020 | Q1, 2020 | 1.0 | 1.2 | 0.4 |
| 2020 | Q2, 2020 | -1.0 | -0.8 | -0.8 |
| 2020 | Q3, 2020 | -4.8 | -3.3 | -1.6 |
| 2020 | Q4, 2020 | -5.2 | -3.2 | -0.8 |
| 2021 | Q1, 2021 | -3.2 | -4.1 | -1.3 |
| 2021 | Q2, 2021 | 0.3 | -1.2 | 1.0 |
| 2021 | Q3, 2021 | 4.3 | 2.4 | 3.2 |
| 2021 | Q4, 2021 | 5.7 | 2.7 | 4.0 |
| 2022 | Q1, 2022 | 9.2 | 4.9 | 6.7 |
| 2022 | Q2, 2022 | 9.4 | 7.7 | 8.2 |
| 2022 | Q3, 2022 | 12.2 | 9.0 | 9.7 |
| 2022 | Q4, 2022 | 8.1 | 9.1 | 9.7 |
| 2023 | Q1, 2023 | 4.5 | 8.0 | 7.0 |
| 2023 | Q2*, 2023 | 4.6 | 3.3 | 5.2 |
| * Provisional figures | ||||
In 2022, the average price level on Bonaire rose by 9.7 percent compared to 2021, while prices on St Eustatius were 7.7 percent and on Saba 8.6 percent higher. These increases were primarily driven by higher prices for food, transportation, housing, water and energy. From the third quarter onwards until the second quarter of 2023, inflation rates decreased on all three islands.
The decrease was strongest on Bonaire and can mainly be attributed to the subsidy on the standing charge for electricity that came into effect on 1 November, 2022.
| Year | Quarter | Bonaire | St Eustatius | Saba |
|---|---|---|---|---|
| 2017 | Q1, 2017 | -2.9 | 0.4 | -0.2 |
| 2017 | Q2, 2017 | -1.6 | 1.6 | -0.4 |
| 2017 | Q3, 2017 | -1.1 | -1.0 | 1.1 |
| 2017 | Q4, 2017 | 0.6 | -1.6 | 7.9 |
| 2018 | Q1, 2018 | 7.6 | -1.7 | 8.4 |
| 2018 | Q2, 2018 | 5.5 | -1.8 | 9.6 |
| 2018 | Q3, 2018 | 8.9 | 2.8 | 10.3 |
| 2018 | Q4, 2018 | 8.8 | 2.8 | 2.9 |
| 2019 | Q1, 2019 | 2.4 | 1.7 | 2.0 |
| 2019 | Q2, 2019 | 4.5 | 1.2 | 1.3 |
| 2019 | Q3, 2019 | 1.1 | -0.6 | -1.8 |
| 2019 | Q4, 2019 | 1.7 | -0.4 | -1.5 |
| 2020 | Q1, 2020 | -4.2 | 1.3 | -1.5 |
| 2020 | Q2, 2020 | -8.4 | -2.4 | -5.0 |
| 2020 | Q3, 2020 | -12.8 | -9.8 | -9.0 |
| 2020 | Q4, 2020 | -12.9 | -10.4 | -8.6 |
| 2021 | Q1, 2021 | -5.9 | -8.5 | -6.8 |
| 2021 | Q2, 2021 | 0.8 | -4.1 | -2.1 |
| 2021 | Q3, 2021 | 7.5 | 7.6 | 6.4 |
| 2021 | Q4, 2021 | 10.7 | 9.1 | 7.7 |
| 2022 | Q1, 2022 | 24.2 | 10.7 | 12.0 |
| 2022 | Q2, 2022 | 23.6 | 12.9 | 11.8 |
| 2022 | Q3, 2022 | 28.1 | 14.8 | 12.8 |
| 2022 | Q4, 2022 | 15.8 | 13.9 | 18.2 |
| 2023 | Q1, 2023 | 0.2 | 7.8 | 10.1 |
| 2023 | Q2*, 2023 | 0.3 | 3.8 | 6.5 |
| * Provisional figures | ||||
Prices for food and non-alcoholic beverages
Food prices have been on a steady rise since the start of 2020 and starting from the first quarter of 2022, there has been a notable acceleration in food prices across all three islands. On Bonaire, food prices increased by 9.9 percent in the second quarter of 2023 compared to the same period in the previous year. On St Eustatius, they rose by 7.9 percent relative to the second quarter of 2022. Saba saw a year-on-year increase of 9.0 percent.
Notably, there have been significant price increases for eggs. On Bonaire, egg prices rose by 50 percent in the second quarter of 2023 compared to the same period in the previous year. For Saba, the increase was 28 percent. After a period of steady increase, egg prices on St Eustatius decreased by 27.3 percent in the second quarter of 2023 compared to the same period one year previously.
| Year | Quarter | Bonaire | St Eustatius | Saba |
|---|---|---|---|---|
| 2017 | Q1, 2017 | -0.8 | 0.6 | -4.2 |
| 2017 | Q2, 2017 | -0.7 | 3.4 | -4.7 |
| 2017 | Q3, 2017 | 0.4 | 7.4 | -2.6 |
| 2017 | Q4, 2017 | -0.3 | 6.5 | 1.6 |
| 2018 | Q1, 2018 | 3.5 | 7.0 | 2.0 |
| 2018 | Q2, 2018 | 2.5 | 6.1 | 1.8 |
| 2018 | Q3, 2018 | 0.7 | -0.3 | 2.9 |
| 2018 | Q4, 2018 | 1.2 | -0.5 | -2.0 |
| 2019 | Q1, 2019 | -0.3 | -1.0 | 1.9 |
| 2019 | Q2, 2019 | 2.6 | -2.4 | 2.2 |
| 2019 | Q3, 2019 | 4.2 | -0.8 | 2.0 |
| 2019 | Q4, 2019 | 4.6 | 0.4 | 1.3 |
| 2020 | Q1, 2020 | 3.4 | 0.0 | 0.7 |
| 2020 | Q2, 2020 | 1.0 | 1.0 | 1.7 |
| 2020 | Q3, 2020 | 0.2 | 1.2 | 1.7 |
| 2020 | Q4, 2020 | 1.0 | 2.5 | 3.5 |
| 2021 | Q1, 2021 | 1.3 | 1.9 | 2.0 |
| 2021 | Q2, 2021 | 2.8 | 1.8 | 1.9 |
| 2021 | Q3, 2021 | 3.5 | 2.9 | 2.9 |
| 2021 | Q4, 2021 | 3.4 | 3.2 | 3.2 |
| 2022 | Q1, 2022 | 4.9 | 4.7 | 4.7 |
| 2022 | Q2, 2022 | 5.7 | 7.4 | 7.2 |
| 2022 | Q3, 2022 | 8.8 | 7.6 | 7.9 |
| 2022 | Q4, 2022 | 9.8 | 8.9 | 10.6 |
| 2023 | Q1, 2023 | 11.1 | 10.0 | 10.9 |
| 2023 | Q2*, 2023 | 9.9 | 7.9 | 9.0 |
| * Provisional figures | ||||