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Risks remain on inflation outlook

Filipe Naigulevu
Monday, November 06, 2017

WHILE Fiji's inflation remains low at 2.6 per cent as of October, risks also remain to its outlook as the country approaches the cyclone season.

The Reserve Bank of Fiji has noted this in its October Economic Review as inflation outcomes remain driven by domestic factors.

The central bank also indicated that risks to the inflation outlook remain from the recent forecast by the Fiji Meteorological Service of about one to two cyclones possibly passing through the country this season.

The inflation rate had slightly increased last month compared with 2.0 per cent in September, but remained lower than the 4.7 per cent registered a year ago.

Higher annual price movements in the alcoholic beverages, tobacco and narcotics; housing, water, electricity, gas and other fuels; restaurants and hotels and the transport categories contributed to this outturn.

The recent fuel price review by the Fijian Competition and Consumer Commission is expected to have a marginal impact on overall inflation.

Inflation is defined as the rise in the overall level of prices of goods and services in an economy over time. It is generally reported as a rate of increase of prices over a period, usually a year.

According to the central bank, in normal economic circumstances, if the level of money supply grows faster than the real output, it can cause inflation, hence reducing purchasing power at a point in time.

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