After averaging an estimated 2.6% in 2018, inflation will rise to 2.8% in 2019 amid a further increase in oil prices. However, our 2020 inflation forecast is more muted; we expect inflation to moderate, reaching 2.2%, as 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 more pronounced deceleration of inflation. 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.