Consumers Price Index - March Quarter 2019

 

The Consumers Price Index (CPI) is an indicator or measure of prices changes. It is a fixed weighted average of price relatives and is computed using the Laspeyres price index formula. The current weighting pattern is based on the 2005 Household Expenditure Survey (HES), which was carried out in  2005/06. The HES information was used to select the 'basket', which is the commonly used term for the goods and services prices for the purpose of compiling the CPI.

Key facts

Quarterly change

In the March 2019 quarter compared with the December 2018 quarter:

  • The Consumer Price Index (CPI) All Groups increased by 0.46 percent
  • The Underlying Index rose by 0.77 percent
  • Transport group showed the highest decrease of 0.13 percent caused by a decrease in Motor fuel & oil subgroup down by 2.68 percent
  • Apparel group prices showed the highest increase of 1.44 percent
  • Food group also went up by 0.86 percent
  • Housing group up by 0.84 percent
  • Followed by increases in Miscellaneous, Tobacco & Alcohol and Household Operations group at 0.35 percent, 0.19 percent and 0.08 percent

Graph1

 Annual Change

From March 2018 quarter to March 2019 quarter:

  • The consumer price index (CPI) decreased by 0.56 percent
  • Annual Average Inflation Rate dropped by 0.30 percent
  • Alcohol & Tobacco increased by 036 percent
  • Food group increased by 1.28 percent
  • Transport group prices decreased by 7.7 percent

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More on Consumers Price Index...

Information about CPI

The Consumer Price Index covers price changes of the basket of goods and services consumed by all households on Rarotonga (the main island).

The base year is 2006. Prices are collected for 205 items and from selected outlets around Rarotonga. Individual prices are combined using weights from the Household Expenditure Survey (HES) conducted in 2004/5. The HES information was used to select the basket of goods and services.

The inclusion of an underlying measure is a recent improvement and it is published at the same time as the CPI. The underlying measure excludes items of a highly volatile nature, items that are subject to policy changes.

It excludes all locally produced fruits, vegetables, meat and fish, international airfares, mortgage interest, government rent, postal and telecommunication charges, electricity charges, tobacco and alcohol, petrol and diesel.

The CPI is computed using the Laspeyres price index formula.

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