Minister for Economy Aiyaz Sayed-Khaiyum says they will keep a close eye on the inflation rate and commodity prices in the next few months and if necessary, they will consider additional temporary fiscal measures to shield Fijians from volatile global price market.
He highlighted this when the Assistant Minister for Women, Children and Poverty Alleviation, Veena Bhatnagar asked Sayed-Khaiyum to update Parliament on the impact of the Russia-Ukraine war on the Fijian Economy.
The Attorney General says domestic prices are expected to rise further in the next couple of months due to the shortage of fruits and vegetables. He says this is because of TC Cody and global supply disruptions due to the Russia-Ukraine war.
Sayed-Khaiyum says as a result, the year end inflation is now estimated at 4.5% for 2022 followed by 2.3% in 2023.
He says Fiji’s gross domestic product is poised for an unprecedented rebound however this can be tampered with respect to what will happen to the pricing.
Sayed-Khaiyum says fortunately our foreign reserves are high which is helping to cushion the high commodity prices.
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