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According to the Central Bank of Seychelles (CBS), in May 2023, the year-on-year inflation had gone down by 1.0 percent, while the 12-month average rate of inflation was 1.8 percent
According to the Central Bank of Seychelles (CBS), in May 2023, the year-on-year inflation had gone down by 1.0 percent, while the 12-month average rate of inflation was 1.8 percent. This was stated by the Governor of the Central Bank, Caroline Abel, to the press. She told reporters that estimated indicators for June show that inflation might go down during the second quarter as compared to the first quarter of the year by 0.5 percent.
Changes in prices locally are linked to non-food commodities which have dropped due to a 1.4 percent decrease in electricity prices, a 4.7 percent decrease in the price of transportation, and a 1 percent decrease in the price of communication. Since the end of last year and the start of 2023, there has been a continuous drop in the price of the dollar. For this year, until June 16 compared to the same period last year, one U.S. dollar has become cheaper by 48 cents, one euro by 78 cents, and one Pound sterling by 1.70 rupees. This has helped the price of food to become cheaper in our economy, according to the Central Bank Chief.
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Another contributing factor is the good performance of the tourism sector, which primarily supports the economy. Tourism remained the main foreign exchange earner, despite a gradual decline in yield from the industry. As of June 14, 2023, the total number of tourists was higher compared to the same period last year. The growth in visitor arrivals was sustained by the positive performance of the traditional Western European markets – France, Germany, and England – as well as other regions – Russia and Israel. However, over the same period, tourism earnings are estimated to be lower as a result of a decline in the average yield per visitor.
