Consumer prices fall in November
Samoa’s Consumer Price Index (C.P.I.) fell by 0.4 per cent in November compared to the month prior.
The figure was revealed in a new report “Consumer Price Index November 2020” issued by the Samoa Bureau of Statistics this week.
The Consumer Price Index is a measure of inflation. It is designed to measure the change in prices for household goods purchased in Samoa.
The C.P.I. measures the change in prices by comparing the prices for chosen categories of goods (or indices) on an annual and monthly basis to determine the average rate of inflation in prices.
The average inflation rate for the year ending November 2020 was negative at 0.9 per cent. For the twelve months ending November 2019 the inflation rate was positive at 0.9 per cent.
The Consumer Price Index for November 2020 was 0.4 per cent lower than in October 2020 and 6 per cent lower than November 2019.
The decrease of the index’s Local Goods Component by 1.0 per cent reflects lower prices for local food which also contributed to a fall of 0.4 per cent in the All Items Consumer Price Index.
The Imported Component recorded an of 0.3 per cent rise from the previous month prior.
The 0.4 per cent decrease in the Overall Index was mainly due to a decrease of 0.9 per cent in the Food and Non-Alcoholic Beverages index. The transport and housing, water, electricity, gas and other fuels indices registered decreases of 0.4 and 0.1 per cent respectively.
On the contrary, increases were registered for the indices for Health (1.9 per cent) and Furnishing, Household Equipment and Maintenance (0.5 per cent).
No changes were recorded for the Alcoholic Beverages and Tobacco, Clothing and Footwear, Communication, Recreation and Culture, Education, Restaurants and Miscellaneous Goods and Services indices.
Furthermore, the Local Goods Component of the Consumer Price Index registered a decrease of 1.0 per cent when compared to the previous month. This decrease was mainly due to lower prices recorded for bread, taro, fresh fish (piece, string and large), koko (cocoa) Samoa and banana.
The imported goods component of the index showed an increase in prices recorded for chicken leg quarters, canned beef and medicine, which drove an 0.3 per cent increase.
But lower prices recorded for chicken leg quarters, bread, taro, fresh fish (piece, string and large), koko samoa, canned beef and bananas were reflected in an 0.9 per cent decrease in the Food and Non-Alcoholic Beverages index.
Decreased prices for fuel (petrol and diesel) resulted in an 0.4 per cent fall in the Transport index.
For the health index, an increase of 1.9 per cent reflected higher prices for medicine.