Home Economy Inflation further rises in October2 min read

Inflation further rises in October2 min read

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Chart shows National Consumer Price Index (CPI) percentage changes by CPI towns.

The country’s national inflation rate has rose further in October 2019.

Government Statistician, Douglas Kimi revealed while releasing the national (all groups) consumer price index (NCPI) for the month (October) lately.

Mr. Kimi said the rise was from +0.4 per cent in September to +1.0 per cent in October.

“The National (All Groups) NCPI rose +0.4 percent to 105.5 in September, and rose a further +1.0 percent to 106.6 in October 2019. 

“Through the year, compared to the same respective months in 2018, the National CPI increased 1.5 percent and 2.8 percent respectively,” Mr. Kimi said.

The major changes in other expenditure categories from the previous month include:

  • Food and Non-Alcoholic Beverages: September +0.1 per cent, October +0.9 per cent.
  • Alcoholic beverages, tobacco and narcotics: September +3.5 per cent, October +3.9 per cent.
  • Housing, water, electricity, gas and other fuels: September +0.2 per cent, October +0.7 per cent.
  • Transport: September -0.7 per cent, October +0.1 per cent.

“The Solomon Islands inflation rates for the months of September and October 2019 calculated on a 3 months moving average basis were +1.8 per cent, up 0.1 percentage points in September, and +2.1 per cent, up 0.3 percentage points in October 2019.

“The corresponding inflation rates for imported items were -1.4 per cent, and -0.8 per cent in September and October 2019 respectively, while the other (domestic) items inflation rates were +3.3 per cent and +3.5 % for the respective months,” Mr. Kimi stated.

He said the Solomon Islands underlying rates of inflation based on a 3 months moving average for the month of September 2019 were observed between -0.5 per cent and +1.8 per cent while for the month of October 2019, the underlying inflation rate was recorded between 0.0 per cent and +2.2 per cent.

“The headline inflation rates for the respective provincial towns calculated on a 3 months moving average basis were: Honiara: September +2.4 per cent and October +2.5 per cent, marginally dropped in September but picked up +0.1 percentage points in October; Auki: +3.5 per cent, up +0.1 percentage points in September and was flat in October 2019 ; Gizo: September +1.0 per cent and October +0.9 per cent, up +0.1 percentage points in September but dropped in October -0.1 percentage points and Noro: September +3.5 per cent and +3.1 per cent in October 2019, down -0.4 percentage points.”

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