August inflation inches higher
Samoa has recorded a 1.5 per cent increase in the price of household goods, reflected in a month-on-month rise in the Consumer Price Index (C.P.I.) for August this year.
But on a yearly basis, August's C.P.I. is 5.4 per cent higher than during the same month in 2020. The figure was outlined in a new report “Consumer Price Index August 2021” issued by the Samoa Bureau of Statistics on Monday.
The C.P.I. measures the rate of inflation for Samoa. It is designed to measure the change in prices for the goods purchased by households in Samoa. It looks at the change in prices by comparing the prices for a basket of goods and services at the collection period with the price for the same goods in a base period.
The increase of the imported goods component by 2.2 per cent from the previous month was due to higher prices for imported food, medicine (amoxicillin tablets) and fuel (petrol, diesel and kerosene) which were also the main contributors to the increase of 1.5 per cent in the all items C.P.I.
The local goods component also registered an increase of 0.8 percent from the previous month. However, the average annual inflation rate for the year ended August 2021 was negative 1.7 per cent.
“For the twelve months ending August 2020, the inflation rate was 0.9 per cent,” reads the report. “The food and non-alcoholic beverages index [has] increased by 2.8 per cent.”
While the health index also increased by 1.9 per cent.
“The increase recorded month on month for the food and non-alcoholic beverages index with 2.8 per cent, health index with 1.9 per cent, transport index with 1.5 per cent, housing, water, electricity, gas and other fuels index with 1.3, furnishing, household equipment and maintenance index with 0.7 per cent, miscellaneous goods and services index with 0.4 per cent and Restaurants index with 0.3 per cent.
“On the contrary, the recreation and culture index recorded a decrease of 0.6 per cent. Alcoholic beverages & tobacco and clothing & footwear indices also registered decreases of 0.3 and 0.1 per cent respectively.”
There were no changes recorded for the communication and education indices.
The imported goods component of the C.P.I. registered an increase of 2.2 per cent when compared to the previous month. This increase was mainly due to higher prices recorded for imported food, medicine (amoxicillin tablets), fuel (petrol, diesel and kerosene), building material and refrigerator.
Furthermore, there were increased prices recorded for electricity (kwh), taro, fresh fish (large), koko samoa, tomato and coconut have resulted in the 0.8 per cent increase in the local goods component.
An increase of 2.8 per cent in the food and non-alcoholic beverages index was a reflection of the higher prices recorded for chicken leg quarter, taro, mutton flap, turkey wings, fresh fish (large), koko samoa, tomato and coconut.