Sat, 25 Jun 2022

SUVA, May 26 (Xinhua) -- Fiji's annual headline inflation stood at 4.7 percent in April this year due to rising food and fuel prices, said Fiji's central bank on Thursday.

According to a statement by the Reserve Bank of Fiji (RBF) on Thursday, Ariff Ali, governor of the central bank, said the current inflationary pressures are mainly due to the supply-side driven surge in global commodity prices, which will persist in tandem with uncertainties on the geopolitical front.

As of Thursday, Fiji's foreign reserves remain adequate totalling 3,018 million Fijian dollars (about 1,388 million U.S. dollars), enough to support 8.3 months of imports of goods and services.

The island nation's economy continues to show signs of improvement, driven largely by tourism-related sectors. Since the re-opening of Fiji's borders in December last year, 118,812 tourists have arrived in the island nation. In April, Fiji received 46,680 international tourists, more than double the March numbers.

The governor said the upcoming peak tourism season and the commencement of the cane crushing season will provide a further push to domestic activity in the second half of this year.

Fiji's economic growth is expected to rebound by 11.3 percent this year, following a 15.2-percent contraction in 2020 and a 4.1-percent decline in 2021.

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