Consumer price inflation will rise further in 2022-23 to 4.2% on average, after rising in 2021 on the back of demand recovery and rising oil prices, and ending the year at 4%. Price pressures over the forecast period will be driven by even stronger economic growth (as tourism growth gains steam), as well as a continued rise in most commodity prices (including oil). Upside risks to our forecasts include additional tax increases to shore up the public finances. With much of Curaçao's consumer basket composed of imports, the country will remain vulnerable to global price trends.