These would be monitored closely to ensure price stability and economic growth is maintained in the domestic economy.
Next year, inflation is expected to ease to around 5.5%, reflecting the expected inflows from the PNG LNG exports in the latter half, which were expected to translate into a strong kina exchange rate, reducing imported inflation.
Other developments expected to reduce prices include the second phase of the tariff reduction programme expected in 2015 which was expected to assist reduce the cost of imports.
Under the TRP, a number of items will receive a 2.5% reduction in their tariff rates.
These are expected to cushion the effect of the on-going Government stimulus spending in the economy.
Over the medium term, inflation is projected to ease to around 5% from 2016 to 2019 on the assumptions of effective and coordinated monetary and fiscal policy.