The headline inflation rate fell to 4.1% in 2012, down from 8.5% in 2011
(though the outdated consumer price index basket likely underestimates
inflation). Contributing to this official outcome was a ...
in the value of the local currency due mostly to large inflows of foreign
direct investment, which saw the exchange rate rise by 16% relative
to PNG’s major import partners. A higher exchange rate, declining
commodity prices, and the government’s ongoing tariff-reduction
program reduced prices for tradable goods by 0.2%. Lower import prices
late in the year flowed through to non-tradable or domestic inflation, causing it to slow to 4.2% in 2012 (Figure 3.33.3). Rising domestic prices
were mostly attributable to locally produced meat, alcohol, and tobacco,
as well as transport costs.
Sources: Bank of Papua New Guinea. http://www.bankpng.gov.pg (accessed 20 February 2013); ADB estimates. http://www.adb.org/countries/papua-new-guinea/main
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