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 (RPI) – are available on this page.
The RPI is based on the tracking of retail prices across a weighted basket of goods and services for an average household.
Norfolk Island began tracking its inflation using the RPI in 1990. However, there were substantial gaps, particularly 2017 to 2022, when prices were not tracked; more detail on the reasons for this are provided in the RPI reports. Price tracking and measurement of the RPI recommenced in early 2022. Accordingly, actual quarterly price rises between 2017 and February 2022 are unknown, but historical estimates have been determined based on averaging the change in inflation between 2017 and early 2022. Since the first quarter of 2022, the RPI results have been based on actual captured data, which is collected on a quarterly basis. During 2022, to align with inflation data in New Zealand and Australia, the quarters were altered from February, May, August and November to March, June, September and December.
In early 2024, the basket of goods and services was updated to reflect current consumption patterns on Norfolk Island, which had changed considerably since 2014 when the previous Household Expenditure Survey was conducted and the basket determined. The alterations in consumption patterns occurred due to technological progress and social and economic changes over this 10-year period. The new basket was informed by a new Household Expenditure Survey, conducted in February 2024, as well as price collections on the island during 2022 and 2023.
Quarterly inflation measures are now based on the new basket. From the end of 2024, the annual measures will also be based on the new basket.
