Annual Report 2008
Summary: The food and fuel price shock broke the previous year's disinflation: wheat rose 130 percent, rice 74 percent and Brent 78 percent, and inflation ended near 20 percent, forcing the 9 percent target to be abandoned.
Key Findings
- The year was meant to consolidate the macroeconomic gains of 2007; the external price shock ended that.
- Brent rose 78 percent a barrel between September 2007 and September 2008, and average world prices rose 130 percent for wheat, 74 percent for rice and 30 percent for maize.
- Year-on-year inflation moved from 7.87 to 9.96 percent between September and December 2007, then accelerated sharply from January 2008, breaking entirely with the trend to September 2007.
- The 9 percent inflation objective had to be revised, with consequences for the monetary consistency of the financial programme agreed with the IMF.
- The fiscal year closed with inflation near 20 percent on IHSI figures.
- Industrial production fell 1.2 percent quarter-on-quarter and 2.7 percent year-on-year, on poor results in agro-processing, metals, printing and crafts.
- Haiti being a net food importer, the terms of trade turned steadily less favourable.
Full Description
The Bank of the Republic of Haiti's annual report for fiscal year FY2008, covering 1 October 2007 to 30 September 2008: the conduct of monetary policy and its instruments, the real sector, prices and the exchange rate, public finances and the balance of payments, the state of the banking system the BRH supervises, and the central bank's own operations and audited financial statements. The food and fuel price shock broke the previous year's disinflation: wheat rose 130 percent, rice 74 percent and Brent 78 percent, and inflation ended near 20 percent, forcing the 9 percent target to be abandoned.
How to cite
Bank of the Republic of Haiti (BRH), Annual Report 2008, https://www.brh.ht/wp-content/uploads/2018/08/rapport2008.pdf