After averaging an estimated 2.5% in 2018, inflation will rise to 2.9% in 2019 amid a further increase in oil prices in 2019, to 2.8%; extremely subdued growth will prevent a more marked upturn in prices. Although oil prices are forecast to fall in 2020, food prices are set to rise, which will prevent a sharp fall in inflation; we are forecasting a slight moderation, to 2.2% that year. Risks to our forecasts stem from the potential of higher oil prices (which would quickly feed through to upward price pressures) and the price of soft-commodity staples. With much of Curaçao's consumer basket composed of imports, the country will remain vulnerable to global price trends.