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The domestic policies implemented by countries like India, Ukraine and Indonesia to manage their overall food security will impact commodity prices in Fiji.

This could be fueled further by the ongoing geopolitical tensions says Fijian Competition and Consumer Commission Chief Executive Joel Abraham.

Abraham says to cushion some of the impacts they are in discussions with local manufacturers to ensure they undertake supply contracts to reduce the volatility of local prices.

Abraham adds the global situation is evolving and Fiji is not unique as far as inflation is concerned.

“Global prices are shooting in all directions, and unfortunately, the people of Fiji are facing the brunt of an internationally driven event which is well beyond our control. We have got a robust price regulatory system whereby we constantly deal with businesses and we study the supply chain so that we are able to deliver the best value for Fijian consumers.”

According to the Reserve Bank’s May economic review despite the dip in April, commodity prices were notably higher over the year adding to inflationary pressures.

The World Bank recently stated that the disruption caused by the Russia-Ukraine conflict will contribute to huge price rises for goods ranging from natural gas to wheat and cotton.