Inflation easing: Treasurer

TREASURER Ian Ling-Stuckey says inflation is falling faster than expected.
“The inflation rate for 2023 has been revised down from 5.7 per cent down to 5.5 per cent,” he said.
“Indeed, it is possible that this estimate is conservative, as the latest National Statistical Office estimates have the annual rate of inflation even lower.
“Inflation is expected to fall below five per cent in 2024, well below PNG’s historic average of around seven per cent.
“I encourage people to listen to the facts spelt out in this Mid-Year Economic and Fiscal Outlook (MYEFO).”
The Kavieng MP said the figures represented the strongest growth in PNG non-resource economy for a decade which included the strongest employment growth for the same period.
“Inflation is falling and now below usual inflation levels in PNG,” he said.
Ling-Stuckey said the MYEFO was good news for the national economy, budget and people.
“It demonstrates the improved economic management under the Government,” he said.
Ling-Stuckey said the focus was also on the non-resource parts of the economy such as agriculture and fisheries.
“Real non-resource GDP (gross domestic product) is expected to increase by 4.8 per cent in 2023, up from the 4.6 per cent budget forecast.
“This is the best measure of how living standards are going in our country. An overall real growth of 4.8 per cent in 2021,” he said.