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Inflation rises to 2.6pc

Filipe Naigulevu
Monday, December 04, 2017

INFLATION rose to 2.6 per cent in October from 2.0 per cent earlier recorded in September, the Reserve Bank of Fiji noted in its latest review.

According to the RBF Economic Review for November, October's inflation rate was lower than the 4.7 per cent registered a year ago.

The central bank attributed the inflation rise to higher annual price movements in the alcoholic beverages, tobacco & narcotics category mostly contributed to this outcome.

Fiji's inflation rate averaged 3.93 per cent from 2003 until 2017, reaching an the highest of 10.50 per cent in April of 2010 and a record low of -0.30 per cent in April of 2009.

It remained low at 2.0 per cent in July and June, while it was higher inflation in January by 6.8 per cent, 5.5 per cent in February and 5.6 per cent in March of this year.

The 2017 year-end forecast for inflation is 2.5 per cent.

Inflation is the rate of increase 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.

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.

However, inflation is not only influenced by monetary conditions because supply and demand conditions can also lead to price changes.

An increase in inflation can also mean that the amount of goods that your money can buy decreases along with its purchasing power.

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Exchange Rate updated on 20th, February, 2018

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