Home Economy Inflation up in Feb but remain stable in March2 min read

Inflation up in Feb but remain stable in March2 min read

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

The country’s inflation also known as the change in the National Consumer Price Index (NCPI) has rose +0.3 percent to 112.7 in February but remained stable at 112.7 in March 2020.  

That’s according to the Solomon Islands National Statistics Office (SINSO) latest NCPI statistical report.

Releasing the NCPI report this week, Government Statistician and Census Commissioner, Douglas Kimi said through the year, compared to the same respective months in 2019, the National CPI increased 8.6 percent and 7.2 percent, respectively.

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

  • Food and Non-Alcoholic Beverages: February (+0.6%), March (+0.9%).
  • Alcoholic beverages, tobacco and narcotics: February (+0.3%), March (-0.6%).
  • Housing, water, electricity, gas and other fuels: February (-0.3%), March (+0.6%).
  • Furnishings, household equipment & routine maintenance: February (0.0%), March (-0.1%).
  • Transport: February (0.0%), March (-1.5%).

“The Solomon Islands inflation rates for the months of February and March 2020 calculated on a 3 months moving average basis were +6.3 per cent, up 1.9 percentage points in February, and +7.8 per cent, up 1.5 percentage points in March 2020. The corresponding inflation rates for imported items were +1.2 per cent, and +2.2 per cent in February and March respectively, while other (domestic) items inflation rates were +8.6 per cent and +10.4 per cent for the respective months, “Mr. Kimi quoted the report.

“The Solomon Islands underlying rates of inflation based on a 3 months moving average for the month of February 2020 were observed between +1.4 per cent and +1.8 per cent while for the month of March 2020, the underlying inflation rate was recorded between +1.0 per cent and +1.6 per cent.

“The headline inflation rates for the respective provincial towns calculated on a 3 months moving average basis were: Honiara: February (+7.2%) and March (+8.9%) up +2.2 and +1.7 percentage points respectively: Auki: February (+4.7%) and March (+5.5%), rose +0.5 percentage points in February and +0.8 percentage points in March; Gizo: February (+0.5%) and March (+0.3%), rose +0.1 percentage points in February and dropped -0.2 percentage points in March; Noro: February (+2.2%) and March (+2.6%), up +0.2 and +0.4 percentage points respectively.”

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