March 11, 2008

Inflation rises to 7.6pc

10 MAR 2008 -
Fiji’s inflation last month rose to 7.6 per cent, up from 7.4 per cent in January, latest figures from the Fiji Islands Bureau of Statistics show.

Higher prices were recorded in almost all categories including food, alcoholic drinks and tobacco, housing, durable household goods, clothing and footwear, transport, services, miscellaneous.

Only in heating and lighting sector no change was recorded.

The All Item Consumer Price Index (CPI) for February registered an increase of 1.5 per cent over January and now stands at 156.7.

The Reserve of Fiji had last month warned that Fiji’s inflation would rise even further in the coming months. This
was after the January inflation rose to 7.4 per cent, the highest since 1998.

The RBF had said that disruptions in supply of market items caused by Cyclone Gene (late January) were bound to push inflation higher in the next few months.

The RBF had attributed the sharp increase in January inflation to the higher oil prices, some increase in duties from the national budget and some disruptions in local supply of vegetables.

According to Bureau of Statistics, last month food recorded the biggest increase (up 3.6 per cent).

Higher prices were recorded for bakery and wheat products, fresh and preserved meat, fresh fish, fresh fruit, fruit juice, dairy products, fats and oils, tea ovaltine, top dressings, confectionary and market items such as beans, English cabbages, chillies, cucumber, tomatoes, egg plant, rourou, bele, okra, tubua, cassava, pumpkin, peas, arhar and yaqona.

Marginal price increases were recorded for alcoholic drinks and tobacco (up 0.1 per cent). This was for a certain brand of alcoholic spirit and warm beer.

Housing was up by 0.1 per cent with marginal price increases for some house repair items.

Durable household goods were up 0.8 per cent with marginal price increases recorded for soft furnishing, jewellery and travel and sports goods.

For clothing and footwear (up 0.3 per cent) marginal price rises were recorded for men’s and children’s wear and men’s and children’s footwear.

Transport was up by 0.3 per cent, with new tyres and spare parts prices up marginally.

Services was up 0.4 per cent with marginal price increases recorded for education fees, medical fees and entertainment.

Higher prices were recorded for (miscellaneous) medical goods, toiletries, laundry and other household goods.

No comments: