RBF warns of sharp inflation spike as global oil prices rise
Fiji's Reserve Bank warns of a sharp inflation spike due to rising global oil prices, which are expected to increase transport and utility costs for families and businesses. The bank's governor, Ariff Ali, notes that higher input prices may also dampen domestic demand and affect the country's economic activity in the near term.
Fiji's annual inflation rose to -0.5 percent last month. The Reserve Bank of Fiji expects inflation to rise sharply in the next few months due to higher global oil prices. Fuel and gas account for 6.9 percent of the average household budget in Fiji. Higher global prices will increase transport and utility costs for families and businesses. The bank's governor, Ariff Ali, says the broader impact will be larger, affecting various sectors. Fiji experienced a similar pattern in 2022 when global crude oil prices were high.
This content was automatically generated and/or translated by AI. It may contain inaccuracies. Please refer to the original sources for verification.