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Inflation Concerns in the Pacific |
| Source: |
radioaustralianews.net.au |
| Source Date: |
Monday, July 18, 2011 |
| Focus: |
ICT for MDGs
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| Created: |
Jul 18, 2011 |
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Import growth in the Pacific is high and its negative consequences are being amplified by rising commodity prices, the Asian Development Bank says.
The latest Pacific Economic Monitor shows non-fuel imports from Australia grew at 11.7 per cent in the first quarter of 2011.
Commodity prices also rose, with crude oil in May up 43 per cent on the same time last year.
In February, the IMF's food price index reached 5.4 per cent above its 2008 peak.
The bank says inflation, driven by rising commodity prices, is now an ongoing concern in the Pacific.
Chief Economist Chris Edmonds says Tonga, Fiji, Samoa and Vanuatu are being hardest hit by price rises and Papua New Guinea by inflation.
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