A recent exploration of Fiji’s economic history revisits the volatile financial climate of 1984, as detailed in an article from The Fiji Times. The review centers on the 1985 budget report that revealed significant price surges, reflecting the difficulties consumers faced due to inflation.
During this period, the costs associated with smoking saw a minor increase; a packet of 10 cigarettes rose by two cents, while a pack of 20 jumped by four cents. Prices for these packs were noted to be between 48 to 50 cents for the smaller and reached a dollar for larger packets. Similarly, beer drinkers experienced a rise in costs, with a carton of 12 bottles increasing by 75 cents to reach $10.65, leading to individual bottle prices in supermarkets hitting 92 cents.
The report also highlighted rising liquor prices, with the cost of spirits going up from $11.60 to $12.10 per bottle. Premium imported brands could command prices as high as $45 for a 40-ounce bottle, depending on the specific brand and age. Other household necessities also saw minor price hikes; for instance, detergent prices increased from 49 to 54 cents for a 200-gram packet, while toilet rolls saw an uptick of 20 cents.
Soft drink prices were not exempt from inflation, with a carton of 12 rising by 20 cents to $4.70. Moreover, various edible oils faced a nominal increase of a cent per bottle, contributing to the overall inflationary trend that year. The imposition of duties was substantial, affecting imported goods anywhere from 35 to 55 percent, which also extended to local products.
Fuel prices were similarly impacted; petrol prices surged by four cents to 22 cents per liter, while diesel climbed to 48 cents per liter. In a bid to promote duty-free trade, the government responded by decreasing duties on certain electrical items, demonstrating an effort to balance the economic pressures of the time.
This retrospective highlights the ever-changing dynamics of the market and consumer prices, resulting from shifts in government policies. While the inflationary increases posed challenges for consumers in the past, this historical lens serves as a valuable reminder. It emphasizes the need for informed economic management moving forward, ideally fostering a more stable financial landscape for future generations.