Inflation keeps falling
10.11.2009
Inflation continues to fall according to figures released yesterday by the National Statistics Bureau.
“The most significant decreases in October were in oils and fats, which fell by 19.5%, milk, cheese and eggs, which fell from their September prices by 5.4%, and bread and cereals by 5.3%,” the NSB said in its monthly bulletin.
Only the prices of fish went up – by 0.7%. The prices of “other foods” fell by 2.9% while the cost of non-food items fell by 0.4% and miscellaneous goods and services by 4.2%, bringing the overall average fall to 1.1%.
The NSB said the fish index published is based on prices noted at Victoria market, as well as markets in other parts of Mahe, Praslin and La Digue.
The NSB said the annual inflation rate fell to 25.6% in October from 29.3% in September.
Food prices have dropped since inflation peaked at 63.3% in December following the launch of our reforms and the record high oil prices that followed.
“In October 2009, the All Items Index stood at 181.6 compared to 144.6 in October 2008. On a year-on-year comparison, this reflects a 25.6% increase in overall prices,” the bulletin said.
Earlier this month the International Monetary Fund said Seychelles’ economy will contract by 7.5% over the whole of this year, less than the 8%-9% fall predicted in August, and will grow by 4% in 2010.