Norfolk Island is responsible for calculating and tracking its own price inflation. The latest quarterly annual and quarterly rates of price inflation – known as the Retail Price Index – are available here.
RPI data is based on the tracking of retail prices across a weighted basket of goods for an average household. The current basket of goods is based on data produced from a House Expenditure Survey carried out in 2014.
Inflation has been tracked on Norfolk Island since 1990. Because the consumption patterns on Norfolk Island have changed considerably since 2014, planning is underway to prepare a new survey of weighted household expenditure patterns. Between 2012 and 2021 the inflation rates were calculated for February, May, August and November quarters.
To align with inflation data in New Zealand and Australia, the price tracking on Norfolk will revert to March, June, September and December quarters.
There were substantial periods, including after 2017, when prices were not tracked. Accordingly, after prices tracking was recommenced at the February 2022 quarter, price rises through to then were averaged across that period, that is, actual quarterly price rises between 2017 and February 2022 are unknown. Therefore, 2023 price index results are based on a mix of actual captured data (February, May, September and December 2023) and estimated historical results.
