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Fiji inflation slowed to 1.5% in April from 2.4% in March

Staff writer |
Performances across all sectors of the Fiji economy continue to remain positive and buoyed by the favourable financial conditions.

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Reserve Bank of Fiji governor Barry Whiteside made the comment while announcing the overnight policy rate of 0.5 percent at the monthly board meeting last Thursday, The Fiji Times reports.

"While a slowdown in private sector credit was noted in February and March, the momentum picked up again in April. Economic activity continues to strengthen backed by increased consumption and investment."

He said risks from rising import demand associated with a growing economy coupled with a likely slowdown in Fiji's key trading partner economies, particularly Australia, could weaken the country's external position.

"Currently, the dual mandate of the bank remains stable. Inflation slowed to 1.5 percent in April from 2.4 percent in March, owing to lower fuel prices while foreign reserves are about $1877million, sufficient to cover 4.7 months of retained imports of goods and non-factor services," Whiteside said.

He said the bank would continue to monitor economic developments for any potential risks to the bank's twin objectives.

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