Consumers Price Index

CPI is the quarterly measure of the changes to the prices of consumer items purchased by households, which gives a measure of inflation.

Consumers Price Index

Consumers Price Index - September 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 September 2019 quarter compared with the June 2019 quarter:

The Consumer Price Index (CPI) All Groups increased by 0.4 percent

The Underlying Index rose by 0.6 percent

Transport group showed the highest increase of 0.8 percent caused by increases in Motor fuel & oil of 3.01 percent and 2.2 percent in the Motor Vehicle Expenses subgroup

Food group prices increased by 0.7 percent caused by increase subgroup in the farm product, fats & oils subgroup of 4.2 percent, cereal products of 2.6 percent, other food and prepared food subgroup of 0.7 percent and 0.2 percent

Household Operations and Tobacco & Alcohol groups also went up by 0.4 percent and 0.1 percent

Followed by decreases in Housing, Miscellaneous and Apparel group by 0.3 percent, 0.1 percent and 0.05 percent

CPI Graph103

Annual Change

From September 2018 quarter to September 2019 quarter:

The consumer price index (CPI) increased by 1.3 percent

Annual Average Inflation Rate increased by 0.2 percent

Food group increased by 2.7 percent

Alcohol & Tobacco increased by 2.2 percent

Transport group prices up by 0.1 percent

 

 CPI Graph4 2019403

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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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