Price index increases by 1.4 per cent
Samoa’s Consumer Price Index for March 2021 increased by 1.4 per cent compared to the previous month. However, compared to March last year, the index was 3.5 per cent lower by comparison.
But the average annual inflation rate for the year ended March 2021 was negative 3.8 per cent, a new report by the Samoa’s Bureau of Statistics states.
The report was released this week and is titled: “Consumer Price Index March 2021”.
The Consumer Price Index (C.P.I.) is a measure of the cost of household consumer goods and services and measures any rise or fall in their price. It also measures the rate of inflation in Samoa. (The C.P.I. gives the government, businesses, and citizens an idea about prices changes in the economy, and can act as a guide in order to make informed decisions about the economy.)
According to the report, it states that the increase of the Imported Goods Component by 2.5 per cent from the previous month was due to higher prices for imported food, fuel (petrol, diesel and kerosene) and washing powder which were also the main contributors to the increase of 1.4 per cent in the all items Consumer Price Index.
Furthermore, it added that the increase recorded month on month for the Food and Non Alcoholic Beverages index was 2.4 per cent, Transport index with 2.3 per cent, Furnishing, Household Equipment and Maintenance index with 1.5 per cent, Housing, Water, Electricity Gas and Other Fuel index with 0.4 per cent and Health index with 0.3 per cent.
On the contrary, Recreation and Culture index recorded a decrease of 0.6 per cent and Miscellaneous Goods and Services also registered a decrease of 0.4 per cent respectively.
However, no changes were recorded for the Alcoholic Beverages and Tobacco, Clothing and Footwear, Communication, Education and Restaurants indices.
The Imported Goods Component of the Consumer Price Index registered an increase of 2.5 per cent when compared to the previous month. This increase was mainly due to higher prices recorded for imported food, fuel (petrol, diesel and kerosene), washing powder, washing soap and paints.
Increased prices recorded for local food have resulted in the 0.3 per cent increase in the local Goods Component.
An increase of 2.4 per cent in the Food and Non Alcoholic Beverages index was a reflection of the higher prices recorded for chicken leg quarters, taro, rice, fresh fish (piece and large), mutton flaps, turkey wings, koko samoa, chocolate cake, tomato and coconut.
The Transport index recorded an increase of 2.3 per cent due to increased prices recorded for fuel (petrol and diesel).
The 1.5 per cent increase in the Furnishings, Household Equipment, and Maintenance index was a result of the higher prices recorded for washing powder and washing soap.