Inflation rate slips back into negative territory
10 May, 2021, 4:35 pm
Inflation slipped back into negative territory of -1.2 per cent in April after its shortlived rebound in February this year.
According to the Reserve Bank of Fiji’s April economic review this was because of lower prices recorded for local food, alcohol and yaqona.
It also added that in the near term, inflationary pressures are expected to stem from increases in crude oil and global food prices coupled with potential weather-related shocks.
In its April issue of the consumer price index, the Fiji Bureau of Statistics highlighted that the average annual rate of inflation for the 12 months to April 2021 stood at -2.2 per cent while the month on month inflation rate stood at -2.4 per cent.
The bureau noted that lower prices were recorded for meat, fruits and non-alcoholic beverages such as mineral water and soft drinks.
While the bureau recorded lower prices for spirits, beer and yaqona, higher prices were recorded for garments, gas and liquid fuels.
In terms of furnishings, household equipment and routine household maintenance materials, the bureau noted increase in prices.
Higher prices were also recorded for pharmaceutical products and other medical products, fuels and lubricants for personal transport.
While no price changes were recorded for communication, lower prices were recorded for equipment for the reception, recording and reproduction of sound and picture.
The bureau highlighted that for restaurants and hotels price changes were recorded but these changes balanced out.
Meanwhile decrease in prices were recorded for other appliances, articles and products for personal care and other personal effects.