The Fiji Bureau of Statistics reported a 5.3% increase in the Consumer Price Index (CPI) for the year ending in October 2024, indicating that the cost of living continues to rise compared to last year.
The month-on-on month inflation rate (October 2024 compared to October 2023) stands at 3.6%. And when compared to September 2024 figures, the All-Items CPI increased by 0.2 per cent (126.3 from 126.1) suggesting that while prices are generally increasing, the changes month-to-month are relatively stable.
The report highlights a mix of rising prices (food and non-alcoholic beverages included) and stabilising costs in other sectors, with declines in transport and housing offering some relief to consumers.
Miscellaneous goods and services had the biggest increase at 0.4%, largely due to higher costs for personal care products and jewelry. The alcoholic beverages, tobacco, and narcotics category increased by 0.2%, mainly driven by higher prices for yaqona. Food prices rose by 0.1%, with increases noted for bread, cereals, and fruits. The health sector also saw a 0.1% rise, mostly due to higher costs for medicines.
The transport sector dropped significantly by 1.8%, attributed to lower prices for cars and fuel. Housing-related costs including water, electricity, gas fell by 0.5%, and clothing prices decreased by 0.8%.
The CPI is derived from comprehensive monthly price collections across urban areas, including Suva, Lautoka, and Nadi, and is representative of price changes nationwide. The CPI measures inflation in two main ways: one compares the average CPI over the past year (from November 2023 to October 2024) with the previous year, while the other looks at how this October’s prices compare to October last year.
