31 May 2003

PNG inflation shoots up to 20 percent

9:34 am on 31 May 2003

The National Statistical Office says the cost of living in Papua New Guina has shot up by 20 percent in the past year.

The office says inflation rose by 6-POINT-9 percent in the three months to the end of March at an annual rate of 20-POINT-7 percent.

Food costs alone rose by nearly 9 percent in the March quarter and nearly 24 percent in the previous 12 months.

The annual inflation rate for the March quarter this year was double the 2002 March quarter increase of 10-POINT-5 percent.