The National Consumer Price Index (CPI) dropped 0.2 percent to 117.0 in December 2022. However, the annual headline inflation rate based on a 12-months calendar year ending December 2022 was +5.5%, the highest rate recorded since 2013.
The National Statistics Office released the latest bulletin on Tuesday 7th February 2023.
Government Statistician Douglas Kimi said through the year, compared to the same month in 2021, the National CPI rose by 8.5 percent.
He said the most significant changes by major expenditure groups from the previous month include:
- Food and Non-Alcoholic Beverages: (+1.0%)
- Alcoholic beverages, tobacco and narcotics: (-2.1%)
- Housing, water, electricity, gas and other fuels: (-0.2%)
- Transport: (-1.0%)
Mr Kimi said the Solomon Islands inflation rate for the month of December 2022 calculated on a 3-months moving average basis was +9.1%.
“The corresponding inflation rates for imported items was +9.8%, while other (domestic) items inflation rate was +8.8%.”
“The annual inflation rate based on a 12-months calendar year of +5.5% was an increase of close to six percentage points from the previous year.”
The annual rate was driven by imported inflation of +9.9% and domestic inflation of +3.7%.
By provincial townships, the annual inflation rates were: Honiara: (+5..4%); Auki: (+7.1%); Gizo: (+7.0%); and Noro: (+1.4%).
The Solomon Islands underlying rates of inflation based on a 3-months moving average was observed between +4.9% and +6.8%.
The main percentage changes in index by CPI town and expenditure group from the previous month include:
Honiara: (-0.6%)
The most significant changes in movements include:
- Food and Non-Alcoholic Beverages: Oct (+0.5%)
- Alcoholic beverages, tobacco and narcotics: (-3.5%)
- Housing, water, electricity, gas and other fuels: (-0.2%)
- Furnishings, household equipment & routine household maintenance: (-0.1%)
- Transport: (-0.8%)
Auki: (+1.0%)
The main contributors to the movements were:
- Food and Non-Alcoholic Beverages: (+2.1%)
- Alcoholic beverages, tobacco and narcotics: (+0.8%)
- Housing, water, electricity, gas and other fuels: (-0.2%)
- Furnishings, household equipment & routine household maintenance: (+0.2%)
Gizo: (+1.3%)
The main drivers to this movements were:
- Food and Non-Alcoholic Beverages: (+2.5%)
- Alcoholic beverages, tobacco and narcotics: (+7.9%)
- Housing, water, electricity, gas and other fuels: (-0.2%)
- Furnishings, household equipment & routine household maintenance: (+0.5%)
- Transport: (-4.6%)
Noro: (-1.1%)
The main contributors to the movements were:
- Food and Non-Alcoholic Beverages: (-1.0%)
- Alcoholic beverages, tobacco and narcotics: (-0.6%)
- Clothing & footwear: Nov (-0.3%)
- Housing, water, electricity, gas and other fuels: (-0.6%)
- Furnishings, household equipment & routine household maintenance: (+0.3%)
- Transport: (-0.5%)
- Miscellaneous goods & services: (-0.4%)
