Consumer Price Index Statistics

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STATISTICAL NEWS

 

FSMDS Release No: 24.01

 

25 January 2024

Consumer Price Index Statistics

 

This release gives information on changes in the Consumer Price Index (CPI) for the Federated States of Micronesia (FSM) and the four states - Chuuk, Kosrae, Pohnpei and Yap. Appendix 1 contains tables with detailed data for FSM and the four states.
 
Annual Inflation 
The annual inflation in the 4th quarter of 2023 was 4.7% for All Groups. In the same quarter of the previous year (2022) the rate was 6.5%, indicating a decrease of 1.8 percentage points (Figure 1). 
 

The largest contributions to the annual inflation for 4th quarter 2023 came from the Food and non-alcoholic beverage division, which increased in prices by 9.2%.(Figure 3).
 
Annual inflation differs by state .The highest inflation rate that was recorded in this quarter came from Kosrae at 6.6%, followed by Chuuk at 6.0%, Yap at 4.2% and Pohnpei at 3.9%. 
 
The high inflation rate in Kosrae appears to be caused by the increasing prices for the Transport division, which was recorded at 21.4%. Wheeras, in Pohnpei, Chuuk and Yap the inflation rates were driven by the increasing prices in the Food and non-alcoholic division, which recorded at 10.4%, 14.8%, and at 10.2%, respectively. 
 
Contributions to inflation
 
The details of the price changes are presented here, comparing the changes between 2022 and 2023 (Figure 3) and the items/products driving these changes (Figure 4). 
 
 

 

Figure 4.

Contribution to Annual Inflation, Q4-23

Division Annual Change Comments: Items contributing to change
All Groups 4.75% Sum=All Groups  % Change
Food and non-alcoholic beverages 9.18% Higher prices were recorded for bread, fresh tuna, reef fish, doughnuts, soft drinks, ketchup and taro. 
Alcoholic beverages, tobacco and narcotics 2.19% Higher prices were recorded for betelnut, beer and liquor.
Clothing and footwear 4.20% Higher prices were recorded for blouses, laundromats, pants, t-shirts, local dresses and shirts.
Housing, water, electricity and gas -2.12% Lower prices were recorded for electricity 
Furnishings and household equipment 2.54% Higher prices were recorded for batteries, towels, bleaches, tupperwares, fans, washing machines, and air conditioners.
Health 5.16% Higher prices were recorded for prescription medicine.
Transport 2.18% Higher prices were recorded for airfare, automobile services, and motor oil.
Communication 0.10% Higher prices of were recorded for cell phones.
Recreation and culture 1.75% Higher prices were recorded for notebooks.

 

Appendix 1: Detailed tables

Table 1 Indexes by COICOP category and State
Table 2 Quarterly changes by COICOP category and State
Table 3 Annual changes by COICOP category and State
Table 4 Quarterly contributions by COICOP category and State
Table 5 Annual contributions by COICOP category and State

 

/s/

Brihmer S. Johnson
Assistant Secretary for Statistics

 
 

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