CPI decreases from 0.3 percent to 124.1 in April to a further 0.3 percent to 123.7 in May

Jul 5, 2024 | Consumer Price Index, Statistics

The National Consumer Price Index (CPI) fell by 0.3 percent to 124.1 during the month of April 2024 and a further 0.3 percent to 123.7 in May 2024.

Releasing the report on Wednesday 3rd July 2024, acting Government Statistician Samson Kanamoli said through the year, compared to the same respective months in 2023, the National CPI rose by 3.6 percent and 3.5 percent respectively.

Mr Kanamoli said the most significant changes by major expenditure groups from the previous month include:

  • Food and Non-Alcoholic Beverages: April (+0.1%); May (+0.3%)
  • Alcoholic beverages, tobacco and narcotics: April (-5.2%); May (-4.8%)
  • Housing, water, electricity, gas and other fuels: April (+2.5%); May (+1.5%)
  • Furnishings, household equipment & routine household maintenance: April (-0.7%); May (+0.1%)  Transport: April (-0.2%); May (+0.2%)
  • Miscellaneous goods & services: April (0.0%); May (-0.2%)

The Solomon Islands inflation rates calculated on a 3-months moving average basis was +4.4 % in April and +3.6% in May 2024. The corresponding inflation rates for imported items was +2.9% for April and May respectively, while the inflation rates for the other (domestic) items were +5.0 % and +3.9% for the months of April and May 2024, respectively.

The Solomon Islands underlying rates of inflation based on a 3-months moving average was observed between +2.3% and +2.5% in April, and 1.8% and 2.8% in May 2024.

The headline inflation rates for the respective provincial towns calculated on a 3-months moving average basis were: Honiara: April (+4.6%) & May (+3.8%); Auki: April (+3.1%) & May (+2.9%), Gizo: April (+1.8%) & May (+2.2%) and Noro: April (+2.2%) & May (+2.4%).

The main percentage changes in index by CPI town and expenditure group from the previous month include:

 Honiara: April (-0.6%), May (-0.2%)

The most significant changes in movements include:

  • Food and Non-Alcoholic Beverages: April (-0.3%), May (+0.7%)
  • Alcoholic beverages, tobacco and narcotics: April (-5.4%), May (-5.2%)
  • Housing, water, electricity, gas and other fuels: April (+2.2%), May (+1.5%)
  • Furnishings, household equipment & routine household maintenance: April (-0.7%), May (0.0%)
  • Transport: April (-0.1%), May (+0.2%)
Auki: April (+1.3%), May (-0.1%)

The main contributors to the movements were:

  • Food and Non-Alcoholic Beverages: April (+1.0%), May (-0.9%)
  • Alcoholic beverages, tobacco and narcotics: April (-4.3%), May (-4.0%)
  • Clothing & footwear: April (-0.1%), May (0.0%)
  • Housing, water, electricity, gas and other fuels: April (+5.2%), May (+2.7%)
  • Furnishings, household equipment & routine household maintenance: April (-0.1%), May (-01. %)
  • Health: April (0.0%), May (-0.6%)
  • Transport: April (+0.2%), May (+0.4%)
  • Recreation & culture: April (0.0%), May (-0.4%)
  • Miscellaneous goods & services: April (0.0%), May (-1.0%)
Gizo: April (+3.3%), May (-1.6%)   

The main drivers to these movements were:

  • Food and Non-Alcoholic Beverages: April (+5.2%), May (-3.9%)
  • Alcoholic beverages, tobacco and narcotics: April (0.0%), May (+1.3%)
  • Clothing & footwear: April (-0.1%), May (-1.1%)
  • Housing, water, electricity, gas and other fuels: April (+6.5%), May (+0.8%)
  • Furnishings, household equipment & routine household maintenance: April (-0.4%), May (-0.5%)
  • Miscellaneous goods & services: April (0.0%), May (-0.7%)
Noro: April (+0.5%), May (+0.3%)

The main contributors to the movements were:

  • Food and Non-Alcoholic Beverages: April (+0.2%), May (0.0%)
  • Alcoholic beverages, tobacco and narcotics: April (-0.7%), May (-0.6%)
  • Clothing & footwear: April (0.0%), May (+0.1%)
  • Housing, water, electricity, gas and other fuels: April (+2.8%), May (+2.3%)
  • Health: April (0.0%), May (-1.6%)
  • Transport: April (+0.2%), May (+0.3%)
  • Restaurants & hotels: April (0.0%), May (-3.6%)