January Headline Inflation Up 0.6%

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INSIGNIFICANT rises of 0.6 per cent in inflation have been noted for Honiara in the month of January 2019.

The Solomon Islands National Statistics Office (SINSO) has revealed in its recent statistical report on the Honiara Consumer Price Index (CPI) for the month (January).

Releasing the report, Government Statistician, Douglas Kimi said the upturn was from 104.2 in December 2018 to 104.8 in the month of January 2019.

“Food and Non Alcoholic Beverages recorded a 0.1 per cent rise,” Mr. Kimi added.

He said the main contributors to this change are bread and cereals by +0.8 per cent, and sugar, jam, honey chocolate and confectionery by +1.6 per cent from outlets, and fresh fruits by 0.3 per cent at the market. These are partially outweighed by drops in potatoes and tuber vegetables by -5.8 per cent and other preserved or processed fish and seafood with -0.2.

The major changes in other expenditure categories include:

  • Alcoholic Beverages, Tobacco and Narcotics by +0.7 per cent

The main contributor to the increase in this group was narcotics, particularly betel nut by +4.9 per cent.

  • Housing, water, electricity, gas and other fuels by +5.3 per cent

The main contributor to the rise in this group was water charges by +32.5 per cent and liquid fuel by +2.8.

  • Transport -3.4 per cent

The main contributor to the rise in transport group was operation of personal transport equipment, particularly fuel by -10.7 per cent.

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 January 2019 calculated on a 3 months moving average basis was 3.7 per cent, down by 0.5 percentage points from 4.2 per cent the previous month. The corresponding inflation rates for imported and other items were 1.1 per cent and 4.9 per cent, respectively.

“The main underlying rates of inflation based on a 3 months moving average for the month of January 2019 were observed between -0.4 per cent and 1.3 per cent while the headline inflation rate was at 3.7 per cent.”