What was the inflation rate?
Between the end of Q4 2023 and the end of Q2 2024, consumer prices for goods and services in the Caribbean Netherlands rose relative to the previous twelve-month period. This increase is indicated by the inflation rate, which is the annual rate of change in the consumer price index. Of the three islands, St Eustatius saw the lowest inflation rate, while it was highest on Saba.
| 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 |
| 2023 | Q3, 2023 | 1.9 | 0.0 | 2.8 |
| 2023 | Q4, 2023 | 4.1 | -1.0 | 1.2 |
| 2024 | Q1, 2024 | 3.4 | 0.3 | 2.0 |
| 2024 | Q2*, 2024 | 2.5 | 2.5 | 2.0 |
| *Provisional figures | ||||
In 2023, the average prices on Bonaire rose by 3.8 percent, while prices on St. Eustatius and Saba increased by 2.5 percent and 4 percent, respectively, relative to the previous year. On all three islands, the inflation rate was influenced by higher prices for housing, water and energy, transportation, and food. Additionally, health-related products and services became more expensive on Bonaire.
Prices for food and non-alcoholic beverages
Food prices continued to rise across the Caribbean Netherlands until Q1 2023, but dropped after that. On Bonaire, food prices increased by 5.5 percent in Q2 2024, year on year. That was less than the rise of 9.9 percent increase seen in Q2 2023, year on year.
On St Eustatius, food prices rose by 3.1 percent in the second quarter of 2024, year on year. On Saba, food prices increased by 4.0 percent in Q2 2024 year on year. Food inflation was therefore down from the 7.9 percent and 9.0 percent year-on-year increases seen in Q2 2023.
In other words, although prices rose in the first two quarters of 2024, they did so at a much slower rate than in 2023.
| 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 |
| 2023 | Q3, 2023 | 7.4 | 6.7 | 7.7 |
| 2023 | Q4, 2023 | 7.0 | 4.4 | 4.4 |
| 2024 | Q1, 2024 | 5.6 | 3.6 | 4.0 |
| 2024 | Q2*, 2024 | 5.5 | 3.1 | 4.0 |
| *Provisional figures | ||||
Prices for transportation services and petrol
Transportation prices include cars, fuel and airfares. In Q2 2024, transportation was 1.7 percent more expensive on Bonaire than one year previously; for Saba, the increase was 9.3 percent and for St Eustatius it was 8.4 percent.
Prices for petrol and air tickets, which have a significant impact on transportation costs, have been steadily increasing since Q3 2023. In Q2 2024, the year-on-year increase in petrol prices was 2.8 percent on Bonaire, 0.4 percent on St Eustatius, and 8.2 percent on Saba.
During the same period, air tickets were 0.8 percent cheaper on Bonaire, 17.6 percent more expensive on St Eustatius, and 7.3 percent more expensive on Saba, relative to one year previously.
| Year | Quarter | Bonaire | St Eustatius | Saba |
|---|---|---|---|---|
| 2017 | Q1, 2017 | 4.2 | 5.1 | 0.7 |
| 2017 | Q2, 2017 | 4.2 | 6.5 | 0.2 |
| 2017 | Q3, 2017 | 2.1 | 7.9 | -0.7 |
| 2017 | Q4, 2017 | 4.6 | 6.1 | -2.4 |
| 2018 | Q1, 2018 | 4.0 | 5.3 | -2.5 |
| 2018 | Q2, 2018 | 4.0 | 3.7 | -1.0 |
| 2018 | Q3, 2018 | 5.6 | 1.5 | 0.0 |
| 2018 | Q4, 2018 | 3.8 | 1.3 | 1.5 |
| 2019 | Q1, 2019 | 1.1 | 1.5 | 4.5 |
| 2019 | Q2, 2019 | 1.8 | 1.9 | 3.5 |
| 2019 | Q3, 2019 | 3.0 | 1.7 | 5.3 |
| 2019 | Q4, 2019 | 5.7 | 3.3 | 5.2 |
| 2020 | Q1, 2020 | 8.5 | 2.7 | 2.2 |
| 2020 | Q2, 2020 | 6.5 | -0.8 | 1.5 |
| 2020 | Q3, 2020 | -3.3 | -1.5 | -1.1 |
| 2020 | Q4, 2020 | -5.4 | -2.3 | -2.7 |
| 2021 | Q1, 2021 | -5.3 | -3.0 | -1.6 |
| 2021 | Q2, 2021 | -1.7 | 4.5 | 4.2 |
| 2021 | Q3, 2021 | 7.1 | 6.9 | 7.4 |
| 2021 | Q4, 2021 | 8.5 | 7.9 | 10.8 |
| 2022 | Q1, 2022 | 8.2 | 8.4 | 10.3 |
| 2022 | Q2, 2022 | 8.1 | 16.4 | 15.5 |
| 2022 | Q3, 2022 | 13.5 | 20.9 | 23.9 |
| 2022 | Q4, 2022 | 7.1 | 19.0 | 7.7 |
| 2023 | Q1, 2023 | 8.1 | 18.2 | 4.4 |
| 2023 | Q2, 2023 | 9.0 | 0.1 | 1.7 |
| 2023 | Q3, 2023 | 6.3 | -9.6 | -1.7 |
| 2023 | Q4, 2023 | 7.9 | -8.5 | 13.7 |
| 2024 | Q1, 2024 | 5.6 | -4.7 | 15.8 |
| 2024 | Q2*, 2024 | 1.7 | 8.4 | 9.3 |
| *Provisional figures | ||||