Slight rise in Honiara inflation for August

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ANNAUL headline inflation for Honiara has indicated a slight surge of 0.3 percent in August, 2018.

This means only a 0.1 percent points increase was recorded compared to the previous month (July) inflation of 0.2 percent.

Releasing the Honiara Consumer Price Index (CPI) statistical report for the month (August) last week, Government Statistician, Douglas Kimi said: “Through the year to August 2018, the Honiara CPI increased by 3.2 percent.”

He said food and non-alcoholic beverages rose by 0.9 percent with the main contributors to the movement in the group were Vegetables +6.6 percent, Potato and Tuber +17.0 percent, Fresh Fruits +4.9 percent, and Fish and Sea Food +1.7 percent at the Honiara Central Market.

“Other contributors include Oils and Fats +2.7 percent and Non-Alcoholic Beverages +0.8 percent at retail outlets. These outweighed declines in Bread and Cereals -1.1 percent, particularly rice -0.6 percent,” Mr Kimi stated.

Other major changes in other sub-index include:

  • Alcoholic Beverages, Tobacco and Narcotics +3.2 percent

The main contributor to this group was narcotics +50.2 percent, particularly betel nut +64.5 percent. This outweighed falls in tobacco by -7.6 percent.

  • Housing, Water, Electricity, Gas and Other fuels by -1.6 percent

The main contributor to the fall in this group was electricity charges -7.7 percent, kerosene -1.4 percent and diesel by -2.1 percent.

  • Furnishings, Household Equipment and Routine Household Maintenance by -2.1 percent

The main contributor to the decline in this group was Glassware, Tableware and Household utensils -14.8 percent especially plastic utensils -21.0 percent and cooking pots -27.1 percent. These outweighed price rises in household appliances +2.5 percent and tools and equipment by +0.1 percent.

  • Transport -0.3 percent

The main contributor to the fall in transport group was operations of personal transport equipment -0.9 percent, predominantly fuel and lubricants by -0.9 percent.

Kimi added that apart from the above, price movements elsewhere in the consumption basket were insignificant.

“The overall annual headline inflation rate for the month of August 2018 calculated on a 3 months moving average basis was 2.6 percent, up 0.4 percentage points from 2.2 percent the previous month. The corresponding inflation rates for imported and other items were 0.7 percent and 3.5 percent, respectively.”

Kimi added that the main underlying rates of inflation based on a 3 months moving average for the month of August 2018 were observed between -0.2 percent and 1.0 percent while the headline inflation rate was at 2.6 percent.

–SINSO PRESS


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