The National Consumer Price Index (CPI) rose by +0.6 percent to 123.5 in December 2023 and +1.3 percent to 125.1 in January 2024.
The National Statistics Office released the latest NCPI bulletin on Friday 1st March 2024.
The Deputy Government Statistician Samson Kanamoli said through the year, compared to the same months in 2022, the National CPI rose by +4.3 percent in December 2023 and +4.2 per cent in January 2024.
He said the most significant changes by major expenditure groups from the previous month include:
- Food and Non-Alcoholic Beverages: Dec (+0.7%), Jan (+1.6%)
- Alcoholic beverages, tobacco and narcotics: Dec (+0.5%), Jan (+3.4%)
- Clothing & footwear: Dec (-0.1%), Jan (+0.2%)
- Housing, water, electricity, gas and other fuels: Dec (+1.6%), Jan (+0.6%)
- Furnishings, household equipment & routine household maintenance: Dec (+0.1%), Jan (0.0%) Transport: Dec (-0.5%), Jan (-0.4%)
- Education: Dec (0.0%), Jan (+7.8%)
“The Solomon Islands inflation rate calculated on a 3-months moving average basis was +3.5 percent in December 2023 and +3.9 percent in January 2024.
“The corresponding inflation rates for imported items were +4.6 percent in December 2023 and +4.2 percent in January 2024, while other (domestic) items’ inflation rates were +3.1 percent in December 2023 and +3.8 percent in January 2024.”
By the end of the calendar year 2023, the annual inflation rate was +5.1 percent.
The Solomon Islands underlying rates of inflation based on a 3-months moving average was observed between +2.8 percent and +3.5 percent in December 2023, and +2.6 percent and +3.8 percent in January 2024.
The headline inflation rates for the respective provincial towns calculated on a 3-months moving average basis were: Honiara: Dec (+3.5%), Jan (+3.9%); Auki: Dec (+4.6%), Jan (+5.5%); Gizo: Dec(+2.7%), Jan (+2.6%) and Noro: Dec (+3.5%), Jan (+3.8%).
The main percentage changes in index by CPI town and expenditure group from the previous month include:
Honiara: Dec (+0.5%), Jan (+1.3%)
The most significant changes in movements include:
- Food and Non-Alcoholic Beverages: Dec (+0.5%), Jan (+1.7%)
- Alcoholic beverages, tobacco and narcotics: Dec (+0.4%), Jan (+3.6%)
- Clothing & footwear: Dec (0.0%), Jan (+0.1%)
- Housing, water, electricity, gas and other fuels: Dec (+1.4%), Jan (+0.8%)
- Transport: Dec (-0.6%), Jan (-0.4%)
- Education: Dec (0.0%), Jan (+7.6%)
Auki: Dec (+1.4%), Jan (+0.1%)
The main contributors to the movements were:
- Food and Non-Alcoholic Beverages: Dec (+1.3%), Jan +1.0%)
- Alcoholic beverages, tobacco and narcotics: Dec (+0.1%), Jan (-4.4%)
- Clothing & footwear: Dec (0.0%), Jan (+1.0%)
- Housing, water, electricity, gas and other fuels: (+3.7%), Jan (-0.8%)
- Furnishings, household equipment & routine household maintenance: Dec (+1.9%), Jan (+0.4%)
- Education: Dec (0.0%), Jan (+6.5%)
- Restaurants & culture: Dec (0.0%), Jan (0.4%).
Gizo: Dec (+2.4%), Jan (+2.4%)
The main drivers to this movements were:
- Food and Non-Alcoholic Beverages: Dec (+3.8%), Jan (+4.2%)
- Alcoholic beverages, tobacco and narcotics: Dec (+5.6%), Jan (+4.0%)
- Clothing & footwear: Dec (-0.7%), Jan (+0.9%)
- Housing, water, electricity, gas and other fuels: Dec (-0.6%), Jan (+0.6%)
- Furnishings, household equipment & routine household maintenance: Dec (-0.1%), Jan (0.0%)
- Transport: Dec (+0.2%), Jan (0.0%)
- Education: Jan (+8.0%), Jan (0.0%)
Noro: Dec (-0.2%), Jan (+0.6%)
The main contributors to the movements were:
- Food and Non-Alcoholic Beverages: Dec (-0.7%), Jan (+0.1%)
- Alcoholic beverages, tobacco and narcotics: Dec (+0.8%), Jan (-0.9%)
- Housing, water, electricity, gas and other fuels: Dec (+1.1%), Jan (+1.4%)
- Furnishings, household equipment & routine household maintenance: Dec (-0.2%), Jan (+0.2%)
- Transport: Dec (-0.5%), Jan (0.0%)
- Education: Jan (+15.4%), Jan (0.0%)
- Restaurants & culture: Dec (0.0%), Jan (+9.1%)
