The Fiji Bureau of Statistics has reported that the Consumer Price Index (CPI) for October stands at 5.3%. This index measures the average changes in prices of goods and services that households across Fiji purchase, with data being collected monthly from urban areas including Suva, Lami, Nasinu, Nausori, Lautoka, Nadi, Ba, and Labasa.
For the 12-month period from November 2022 to October 2023, the average CPI remains at 5.3%. Meanwhile, the month-on-month inflation rate compared to October 2023 is recorded at 3.6%.
Specific categories showing price increases include:
– Miscellaneous goods and services, up by 0.4%
– Alcoholic beverages, tobacco, and narcotics, which rose by 0.2%, with higher prices particularly noted for yaqona.
– Restaurants and hotels, with an increase of 0.1%, reflecting higher prices at restaurants and cafes.
– Health-related products, which also went up by 0.1%, driven by rising costs for pharmaceutical and medical products.
– Food and non-alcoholic beverages, which saw a 0.1% hike, with price increases observed in items like bread, cereals, oils, fats, fruits, vegetables, confectioneries, and certain beverages such as coffee and tea.
This data illustrates the ongoing fluctuations in consumer prices, which can have significant implications for households managing their budgets. Tracking CPI is crucial for understanding inflation trends, which can inform both personal financial decisions and broader economic policy.
Despite the price increases, it’s hopeful to see that through careful monitoring of CPI and market trends, consumers and policymakers can work towards stabilizing prices in the future, ensuring that basic necessities remain affordable for all.
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