Attachments
Highlights
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The headline inflation rate in Fiji reached its peak in November 2023, at 5.8 per-cent, marking the highest reading since January 2017. In December, the inflation rate dropped to 5.1 percent, 3.1 percent higher than in December 2022.
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The commodity groups that contributed the most to the inflation rate in 2023 were Transport (+10 percent) and Food and Non-Alcoholic Beverages (+5 per-cent), followed by Clothing and Footwear (+4 percent), Restaurants and Hotels (+3.9 percent), and Health (+3 percent).
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The Fijian Dollar fell in value against and the United States Dollar in the second half of the year: the national currency depreciated by 12 percent in November. The exchange rate with the Australian Dollar and the New Zealand Dollar were favourable.
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In 2023, remittances totalled FJD1.25 billion, a 20 percent increase from the pre-vious year. Fijians participating in the Pacific Labour Mobility Scheme (PALM) and Recognised Seasonal Employer Scheme (RSE) contributed to increasing re-mittances.
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Overall, prices of selected food products saw an increase in 2023, with costs var-ying greatly across quarters. Notably, price of potatoes rose by 27 percent, canned tuna by 16 percent and noodles by 14 percent compared to 2022.
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Results from the WFP’s remote household survey conducted in September and October 2023 indicated that 53 percent of the households in Fiji considered high food prices as a top concern. In Rotuma, Ra, Macuata and Bua provinces 70 percent of surveyed households cited high food prices as their main worry .
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Escalating costs of essential food items have reduced the affordability of basic necessities. For vulnerable households this means purchasing less or opting for cheaper, less nutritious food.