Home

Headlines Weather Search

News

Sports

Business

World

Radio

Radio Fiji One Mirchi FM Gold FM Bula FM 2Day FM Radio Fiji Two

TV

FBC TV FBC Sports FBC 2

Business

Pandemic creates socio-economic trauma: RBF

July 30, 2021 4:30 pm

The Reserve Bank in its latest economic review says the second wave of the pandemic has created additional socio-economic trauma for Fiji.

Governor, Ariff Ali says economic activity slowed significantly in the second quarter, although some pick-up has been noted recently.

Ali says this as more businesses reopened with strict COVID-19 protocols and citizens adapt to the COVID-19 environment.

Article continues after advertisement

He adds aggregate demand remains depressed as more people have become unemployed or have had their hours and wages reduced while business and consumer confidence has plummeted further, given the uncertainties.

Ali says while overall inflation is still low, inflationary pressures have started to creep in as rising global food and crude oil prices along with high freight costs have filtered into domestic prices.

Additionally, local border restrictions and mandatory COVID-19 protocols have resulted in higher prices for some food items and raised the cost of doing business.

The Governor says headline inflation edged up from -1.6 percent in May to zero percent in June as the higher prices of food, transport, housing, and fuel perfectly offset the decline in prices of alcohol, tobacco, yaqona, and other items.

He adds in the first half of this year, inflation had averaged -0.9 percent compared to -2.4 percent in the same period last year.

Therefore, the year-end inflation forecast of 1.5 percent is now upward biased.

Click here for the interactive GIS Dashboard

Keep Connected With The Latest News, Weather, And Sports on Fiji's Best Radio stations.

Live Tune In
  • 95.4 FM
  • Suva, Nadi, Lautoka, Labasa
  • 95.2 FM
  • Sigatoka, Ba
  • 95.6 FM
  • Tavua
  • 95.8 FM
  • Rakiraki
Live Tune In
  • 102.6 FM
  • Suva, Nadi, Lautoka, Labasa
  • 102.4 FM
  • Sigatoka, Ba
  • 102.8 FM
  • Tavua
  • 103.0 FM
  • Rakiraki
Live Tune In
  • 97.8 FM
  • Suva, Nadi, Lautoka, Labasa
  • 97.6 FM
  • Sigatoka, Ba
  • 98.0 FM
  • Tavua
  • 98.2 FM
  • Rakiraki
Live Tune In
  • 93.0 FM
  • Suva, Nadi, Lautoka, Labasa
  • 92.8 FM
  • Sigatoka, Ba
  • 93.2 FM
  • Tavua
  • 93.4 FM
  • Rakiraki
Live Tune In
  • 100.2 FM
  • Suva, Nadi, Lautoka, Labasa
  • 100.0 FM
  • Sigatoka, Ba
  • 100.4 FM
  • Tavua
  • 100.6 FM
  • Rakiraki
Live Tune In
  • 105.0 FM
  • Suva, Nadi, Lautoka, Labasa
  • 104.8 FM
  • Sigatoka, Ba
  • 105.2 FM
  • Tavua
  • 105.4 FM
  • Rakiraki
Download the
new FBC App!
Install Now Maybe Later