National Consumer Price Index drops one per cent in December 2020
The country’s inflation also known as the change in the National Consumer Price Index, NCPI, rose 0.2 percent to 105.4 in November and then dropped 1.1 percent in December 2020.
Releasing the report on Thursday 18th February 2021, National Statistician Douglas Kimi said through the year, compared to the same month in 2019, the National CPI dropped 1.5 percent in November and a further 2.5 percent in December 2020.
Mr Kimi said the most significant changes by major expenditure groups from the previous month include:
- Food and Non-Alcoholic Beverages: Nov (-2.9%), Dec (-1.0%)
- Alcoholic beverages, tobacco and narcotics: Nov (+8.4%), Dec (-5.3%)
- Housing, water, electricity, gas and other fuels: Nov (-0.4%), Dec (+0.7%)
- Furnishings, household equipment and routine household maintenance: Nov (-0.4%), Dec (+0.0%)
- Transport: Nov (-0.4%), Dec (+0.0%)
He said the Solomon Islands inflation rates for the months of November and December 2020 calculated on a 3 months moving average basis were -1.0 per cent and -1.8 percent respectively.
“The corresponding inflation rates for imported items were -5.6 percent and -7.0 percent respectively, while other (domestic) items inflation rates were +1.2 percent and +0.7 percent for the months of November and December, 2020.”
“The annual inflation rate for 2020 was 0.7 percent.”
Chart shows National Consumer Price Index (CPI) inflation rate by imported and domestic inflation rates
SINSO Press