World Video | Defence | Foreign Affairs | Natural Events | Trade | NZ in World News | NZ National News Video | NZ Regional News | Search

 

Soaring food prices drive up inflation in Honiara

Soaring food prices drive up inflation in Honiara

SHARPLY rising food prices in Honiara have pushed up Consumer Price Index (CPI) inflation higher to 2.1 per cent in February 2018.

This is the highest recorded since June 2016.

CPI is a monthly indicator of the variation in prices for retail goods and other items.

The basket of goods chosen represents the spending behaviour of the population of Honiara and the resulting CPI is used to calculate inflation.

“The 2.1 per cent increase from 191.1 the previous month to 195.1 was predominantly driven by price increases in the Food, and Transport and Communication sub-sections of the index,” Government Statistician (GS) Douglas Kimi said while releasing the official statistics produced by the National Statistics Office (NSO) on Wednesday 4 April for the month of February 2018.

“The Food sub-index increased during the month by 5.1% to 180.7.

“This was mainly driven by price rises in eggs (9.4%), powdered milk (1.1%), sugar (1.4%), non-alcoholic beverages (0.1%) and fresh fruits and vegetables sold at the Honiara market; most notable were bush cabbage (76.0%), melon (57.7%), green bean (50.8%), spring onion (39.2%), chinese cabbage (38.5%), tomatoes (35.3%), cucumber (30.0%), pawpaw (22.2%), cassava (9.0%), green pepper (111.6%), cooking banana (8.1%) and kumara heaps (2.0%). These outweighed price drops in green and dry coconuts (28.3% and 3.9%, respectively), ripe banana (2.7%), bush lime (25.9%) and fern (10.6%) to result in the rise of the overall food sub-index,” he added.

Other major changes in other sub-indexes include;

Drinks and Tobacco fell 0.6% driven by a 2.5% price drop in betel nut offsetting a 0.3% rise in tobacco.

Housing and Utilities went up 0.3% due to increases of 0.9% and 5.3% in electricity and kerosene prices, respectively.

Household Operations rose 0.2% driven by price increases in household supplies such as bar soap (3.1%) and bleach (4.0%).

Transport and Communications rose 0.7% on account of price rises in petrol and diesel by 3.9% and 7.1%, respectively.

Mr. Kimi said apart from the above, price movements elsewhere in the consumption basket were negligible.

“The overall annual headline inflation rate for the month of February 2018 calculated on a 3 months moving average basis was 3.6%, up 1.1 percentage points from 2.5% the previous month. The February inflation rate is the highest recorded since June 2016.

“The corresponding inflation rates for imported and other items were 2.5% and 5.1%, respectively,” he said.

At the same time Mr Kimi said that the main underlying rates of inflation based on a 3 months moving average for the month of February 2018 were observed between 0.0% and 2.6% while the headline inflation rate was at 3.6%.

© Scoop Media

 
 
 
World Headlines

 

Gordon Campbell: On The Chemical Weapons Attack (and Response) In Syria

The past week’s headlines about the chemical attacks in Syria – and the military response by the US, France and Britain – have tended to overshadow a few of the downstream outcomes. More>>

ALSO:


North Korea: CTBTO Statement On Disarmament

I welcome the announcement by the Democratic People's Republic of Korea (DPRK) to halt its nuclear testing programme and to dismantle the test site. This is a strong signal and an important step in the right direction. More>>

ALSO:

Pacific Moves: China, Vanuatu And Australia

Washington’s vigilant deputy, doing rounds on the beat in the Pacific, has been irate of late. The central issue here is the continuing poking around of China in an area that would have been colloquially termed in the past “Australia’s neighbourhood”. More>>

ALSO:

Diplomatic Madness: The Expulsion of Russian Diplomats

How gloriously brave it seemed, some 23 nations coming together like a zombie collective to initiate a fairly ineffectual action in of itself: the expulsion of Russian diplomats or, as they preferred to term it, intelligence operatives. More>>

ALSO:

Campbell On: the US demonising of Iran

Satan may not exist, but the Evil One has always been a handy tool for priests and politicians alike. Currently, Iran is the latest bogey conjured up by Washington to (a) justify its foreign policy interventions and (b) distract attention from its foreign policy failures. More

ALSO:

 
 
 
 
 
 
  • Pacific.Scoop
  • Cafe Pacific
  • PMC