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CPI 1st Quarter 2024

Release date: 28th of May, 2024

Lenakel Indexes Summary

In this release, the Consumer Price Index for Lenakel is being published for the first time. From March quarter 2023 to December Quarter 2023 the Lenakel CPI was estimated from the movements of Port Vila and Luganville. In March quarter 2024 the Lenakel CPI has been calculated for the first time from prices collected in Lenakel. The reference base of the Lenakel CPI is December quarter 2022 = 100.0. The inflation rate starting from March, 2023 includes lenakel region.

March Quarter 2024 Highlights

Evolution trimestrielle de l'IPC

The Consumer Price Index (CPI) of March quarter, 2024 indicated an Increase of (+0.3%). Port Vila increased by (+0.2%) Luganville increased by (+1.0%) and Lenakel decreased by (-0.1%) compared to the previous quarter. The largest contribution to the increased in the CPI was the expenditure group Education (+5.6%), Household Supplies (+4.0%), Recreation (+2.7%), Health (+1.6%), Housing Utilities (+1.1%), Drinks and Tabacco (+0.5%), Miscellaneous (+0.4%), and Clothing and Footwear (+0.1%).
These increased were raised or price change of fees for primary public schools and secondary school private schools, household supplies, accommodation fees, and health services fees.

CPI Annual Movement

When compared to the March quarter of 2023, the Vanuatu index increased by (+5.3%). Port Vila index increased by (+5.3%), Luganville index (+5.1%) and Lenakel (+5.8%). At national level, increases in the expenditure groups were Food (+10.1%), Drinks and Tobacco (+4.6%), Clothing and Footwear (+6.5%), Household supplies (+26.0%), Health (+1.7%), Recreation (+5.7%), Education (+7.7%) and Miscellaneous (+1.3%) whereas Housing Utilities decrease by (-9.2%), communication (-5.0%) and Transportation remain constant. The increase were driven by the price movement of Fruits and Vegetables, Dairy and related products, Meat and seafood, beer, spirits and Tobacco, men’s clothing, towels and linen, home appliances, household cleaning agents.


Analytical Information

‘Underlying inflation’ is a measure derived from the CPI excluding items which typically have unstable or volatile prices; because of things like seasonal variation or policy decisions. In March quarter 2024 underlying inflation increased by (+0.7%) over the previous quarter and increased by (+7.4%) over the same quarter of 2023.

Concepts and Definitions

The Consumer Price Index (CPI) is used to measure the changes in the prices of goods and services purchased by households in Port Vila, Luganville and Lenakel over a period of time. The separate indices for these three major commercial centres are then combined to create the Vanuatu CPI.

This change in prices is sometimes called inflation. Retail stores, supermarkets, liquor outlets, transport operators, service stations and other providers of goods and services help supply the Vanuatu Bureau of Statistics with the information to calculate the CPI. Prices are collected for exactly the same goods and services each quarter. This ensures that changes in the cost of goods and services over time are not due to changes in the quantity or quality of the goods and services purchased.

Next Update (Quarterly): June 2024 | Release Date: 5th of August, 2024

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