Global food prices have come down but is still above pre-pandemic levels – RBF

Global food prices have come down but is still above pre-pandemic levels – RBF

By Rashika Kumar
Tuesday 20/06/2023
Photo: File

Reserve Bank of Fiji Deputy Governor Esala Masitabua says global prices of food has come down but it is still above pre-pandemic levels.

While speaking during the Multi-Stakeholder Dialogue on the Fijian Economy organised by Dialogue Fiji, Masitabua says the latest figures on inflation in May shows that it is at 0.8 percent.

The Deputy Governor says the constraints that have driven inflation and monetary tightening policies that all the advanced countries have been implementing is weighing against inflation and has come down from its peak.

He says continuing global tension is keeping commodity prices high even though the global economy is slowing down.

Masitabua further says the latest data shows there are more people in formal employment now than pre-pandemic.

He says according to data from FNPF they have seen that the total number of employees that existed in the labour market pre-pandemic has slipped slightly but the employees are more and wages are up by more than 110 percent so they are paid more.

Masitabua says growth is quite robust in terms of creation of jobs and people going back to work and paying taxes.

He says the Minister and the Permanent Secretary for Finance are balancing very difficult choices while formulating the budget.

Masitabua says we need to ensure that in digging our selves out, we do not end up digging ourselves a deeper hole.

The Deputy Governor says he is sure that the reform agenda as alluded to by the Deputy Prime Minister and diversification of the economy and addressing business confidence will impact growth and monetary policy.

He says there are some initiatives to promote productivity, cut the cost of doing business, housing and social inclusion and meet investment need.

He says Fiji’s growth momentum has gained significant traction and we have financial, price and external stability and geo-political and global tension will continue to we weigh forward as an economy.

The 2023/2024 National Budget will be delivered next Friday at 10am.

fijivillage Straight Talk with Vijay Narayan
Latest Videos

Stay tuned for the latest news on our radio stations

CFL radio frequencies
Being obese and not exercising and being i-Taukei men in Fiji puts you at high risk of diabetes – Dr Qereqeretabua
The General Surgeon at CWM Hospital, Doctor Timoci Qereqeretabua says from a research conducted at the CWM Hospital, they have found that i-Taukei men...
24 minutes ago
Vateitei wins second gold in Women’s V1 marathon
Team Fiji Va’a captain Elenoa Vateitei has won her second gold medal at the Pacific Games winning the Women’s V1 marathon. Vateitei secured ...
1 minute ago

Karan not taking part in the 1,500m, his focus turns to the 3,000m and half marathon
Team Fiji’s golden boy, Yeshnil Karan will not run in the 1,500 metres event in the Pacific Games tonight. Karan will concentrate on his ...
29 minutes ago

Dreams come true for Josua Niu after winning the World GIS Day Tertiary Competition
20-year-old Nakasaleka, Kadavu man, Josua Niu's dream to have his own laptop to support his studies for a Diploma in Electrical Engineering, has come ...
1 hour ago

1,968 cases of child abuse reported in 2022
The statistics from 2022 paint a stark picture with 1,968 reported cases of child abuse and neglect in Fiji. Acting Minister for Women, Children ...
1 hour ago

Fiji Men’s team makes unbeaten run to semi finals after 5-3 win over PNG in final pool match
Team Fiji Men’s hockey side is through to the semi finals after beating PNG 5-3 in their final pool match of the 2023 Pacific Games this ...
2 hours ago
PM’s motion passed to reduce overseas travel allowances for the PM, Ministers, Assistant Ministers, Leader of Opposition and MPs
Parliament has passed the Prime Minister’s motion to reduce the rates payable for overseas travelling allowances for the Prime Minister, Cabinet ...
8 days ago

CEO of the Fijian Competition and Consumer Commission, Joel Abraham appears on fijivillage Straight Talk With Vijay Narayan
CEO of the Fijian Competition and Consumer Commission, Joel Abraham appears on fijivillage Straight Talk With Vijay ...
14 days ago

HIV infections in Fiji increased 260% since 2010, making Fiji the second fastest-growing epidemic in the Asia Pacific region
Speaker of Parliament and UNAIDS Goodwill Ambassador for the Pacific Region, Ratu Epeli Nailatikau says according to the Global AIDS Monitoring Report, Fiji is in the top 5 countries of rising new HIV infections in the Asia Pacific region amongst the 15 t
18 days ago