is that fiji once again has a credible and sustainable second broiler chicken producer that will reduce the requirement for fiji to import frozen chicken product. we hope that production will increase to cater for our south pacific island markets so that fiji ’ s foreign reserves position will be strengthened. concluding remarks colonial therefore deserves our collective commendation today. the colonial group has contributed well to the development of the fiji economy. it has a diversified portfolio with poultry rooster. i take this opportunity to wish mr. duncan, ms wood and mr. mellsop as well as the colonial team all the best in their future endeavours. official opening i have much pleasure in declaring new poultry rooster open and wish it well in its operations. thank you.

result of the financial crisis. it actually went negative in the us and euro area for several quarters on the back of lower energy and food prices, but it has since rebounded a little. measures of so - called “ core ” inflation in these countries have been trending down since the start of the crisis. the inflation record in australia has been similar to new zealand, except over the past few years as their economy avoided recession and some price pressures continued. in new zealand there have already been several government policy developments that have affected prices : the amended emissions trading scheme coming into effect on 1 july, changes to tobacco and excise taxes and acc charges all have had significant effects on inflation. despite this, consumer price inflation is likely to be close to 2 percent again in the september 2010 quarter. however, the most significant event is the increase in the rate of gst on 1 october. this will push headline inflation substantially higher. this mainly involves direct effects of gst on goods and services purchased. the figure shows the forecasts we published in the june monetary policy statement, implying some price pressure this quarter and a 2 percent price shock next quarter. since then our expectation of the peak in inflation has eased back to around 5 percent or just below. the figure shows that the spike in inflation is expected to be short - lived. the inflationary effects should be largely out of the system by later next year. our industry intelligence to date suggests that the gst increase is not being treated as a big disruptive event by the retail industry. pre - stocking does not appear major, nor does prepurchasing, and a last quarter sales fall - off is not expected. the spending effects of the gst increase are counter - balanced by the income tax reduction. as the economy grows, employment levels are expected to increase, and plant and equipment will be worked harder. as this occurs underlying inflationary pressures are likely to gradually increase, but consumer price inflation is forecast to remain comfortably inside the target band in the second half of our forecast horizon. higher headline inflation would obviously pose a challenge for monetary policy. there have, of course, been periods in the past when inflation moved temporarily outside the bank ’ s target band. the policy targets agreement with the government deliberately gives the bank the ability to “ look through ” temporary inflation spikes. the agreement defines the bank ’ s price stability target in terms of the consumers price index. however, it also instructs us to focus on the medium - term trend