Food prices rose by 6.9% in April
$3.02 billion in foreign reserves as of 31st May and remittances increase to $303.1 million in the year to April

Food prices rose by 6.9% in April

$3.02 billion in foreign reserves as of 31st May and remittances increase to $303.1 million in the year to April

By Vijay Narayan
Friday 03/06/2022

Food prices rose by 6.9 percent in April and annual headline inflation rose to 4.7 percent for the month.

According to the latest Economic Review by the Reserve Bank of Fiji, higher imported food and energy prices continue to keep inflation rates elevated.

Prices for automotive fuel are up by 25.2 percent, kerosene up by 28.5 percent and gas up by 27.7 percent.

The RBF says the core inflation also stood higher at 2.8 percent from 1.8 percent over the year, denoting overall higher prices.

Despite the increase in import payments, underpinned by higher food and energy prices and ramped-up demand, foreign reserves are projected to remain adequate in the near term, supported by higher tourism-related receipts, inward remittances and Government external loans drawdowns.

Foreign reserves stood at $3.02 billion as of 31st May, equivalent to 8.4 months of retained imports of goods and services.

In the year to April, inward personal remittances increased by 10.1 percent to $303.1 million. This is the money sent by families and friends to Fijians living here.

The RBF says looking ahead, an increase in demand for Fijian workers under the various labour market schemes will likely keep inward remittances sustained in the medium term.

Latest Videos

Stay tuned for the latest news on our radio stations

CFL radio frequencies
Womens Rugby World Cup 2022
Quarter-final qualification is now the goal for the Rooster Chicken Fijiana 15’s following their 21-17 victory against South Africa.
39 days ago

Queen Elizabeth II passes away
Queen Elizabeth II, the UK's longest-serving monarch, has died aged 96, after reigning for 70 years.
69 days ago

Fiji wins Melrose Cup after 17 years
Fiji wins the RWC 7s title after 17 year drought
70 days ago
Unity Fiji candidate Mohammed Khan has made some unsubstantiated and false allegations - RBF Governor
Reserve Bank of Fiji Governor, Ariff Ali says Unity Fiji candidate, Mohammed Riyaz Khan has made some unsubstantiated and false allegations. Ali sa...
9 hours ago
Saneem takes the media through the packing of Pre-Poll ballot boxes at the FEO warehouse
Supervisor of Elections, Mohammed Saneem did a walk through with the media at the Fijian Elections Office Warehouse in Laucala Beach, on how the ...
7 hours ago

Sayed-Khaiyum says FLP has candidates who are bhajaniyas, Chaudhry says Sayed-Khaiyum has no right to mock a person’s religious beliefs and practices
FijiFirst General Secretary Aiyaz Sayed-Khaiyum says the Fiji Labour Party has candidates who are bhajaniyas (bhajan singers) and they do not have ...
8 hours ago

LAWASIA deeply concerned about AG’s pursuit of the charge of contempt against Richard Naidu
The Law Association for Asia and the Pacific (LAWASIA) is deeply concerned about the Attorney-General Aiyaz Sayed-Khaiyum’s pursuit of the charge ...
9 hours ago

59% of traders non-compliant to consumer protection laws – Consumer Council of Fiji
Continuous market surveillance by the Consumer Council of Fiji (CCoF) over the last 3 months has revealed an appalling amount of non-compliant ...
11 hours ago

FNPF to launch new retirement product that offers flexibility
The Fiji National Provident Fund has announced that it would soon launch a retirement product that offers members flexibility and earns ...
12 hours ago