|
Year
|
RPI
|
|
1977
|
100.0
|
|
1978
|
100.7
|
|
1979
|
102.7
|
|
1980
|
108.9
|
|
1981
|
111.5
|
|
1982
|
113.6
|
|
1983
|
115.3
|
|
1984
|
118.5
|
|
1985
|
129.0
|
|
1986
|
136.7
|
|
1987
|
146.7
|
|
1988
|
173.8
|
|
1989
|
204.8
|
|
1990
|
209.1
|
|
1991
|
215.1
|
|
1992
|
226.8
|
|
1993
|
256.7
|
|
1994
|
312.4
|
|
1995
|
358.6
|
|
1996
|
380.5
|
|
1997
|
383.5
|
|
1998
|
373.6
|
|
1999
|
368.7
|
|
2000
|
363.2
|
|
2001
|
360.3
|
|
2002
|
355.6
|
|
2003
|
352.0
|
|
Why prices rose and fell
1978-87 Moderate inflation accompanied the first stage of economic reform,
when consumer demand increased but prices remained largely under
government control.
1988-89 Announcement of general price deregulation at the beginning of
1988 triggered panic buying and drove annual retail price inflation up to
18.5% in that year. Attempts to slow the economy failed to take effect
before late 1989.
1990-91 Inflation brought down to between 2% and 3% by massive cuts in
government fixed capital investment.
1992-94 The unleashing of rapid
economic growth in 1992, assisted by a huge acceleration in inflows
of foreign direct investment, allowed retail price inflation to rise
to a record 21.7% per year in 1994.
1995-97 The "austerity" measures announced in 1993 eventually
take effect, totally halting inflation by 1997.
1998-99 Domestic economic policy combines with slack external demand to
produce two years of deflation.
2000-2003 Deflation continues despite economic recovery, though inflation resumes strongly in some sectors, such as housing, in 2003.
2004 Retail prices rise 1.3% over the
year.
|
|
