Pago Pago, AMERICAN SAMOA — The latest Basic Food Index (BFI) released this week by the Commerce Department’s Statistical Division, shows the continued hike in the cost of basic food items in American Samoa in November, which registered an “increase of 3.4%” from October’s BFI.

According to the DOC, fourteen out of twenty food commodities contributed to November’s increase, except for six food commodities — fish, taro, sausage, banana, canned tuna and bread — which remained constant throughout November.

The increase for November’s BFI is due to the substantial increase of these food items: chicken legs (4.2%), soft drinks (0.8%) bottled water (8.7%, rice (0.8%), pork spare ribs (1.6%), fresh milk (0.4%), ramen (9.5%), ice cream (1.9%), turkey tails (5.5%), sugar 6.5%) eggs (2.0%, mayonnaise (2.9%), corned beef (1.3%), and butter (2.9%).

Seven major food outlets were select for the November survey. DOC explained that the BFI is a rapid food assessment conducted on a monthly basis on a subgroup of food items and not to be confused with the quarterly full Consumer Price Index assessment.

NEW DATA SHOW CHILD TAX CREDITS HELP FAMILIES MEET BASIC NEEDS

The Financial Health Network, the nation’s authority on financial health, with support from the Citi Foundation and additional funding from Principal Foundation, today released the fall quarter Financial Health Pulse Points focused on a review of individual financial transaction data on the child tax credit program. The findings show that child tax credit recipients saw a monthly inflow of nearly $500 which was subsequently spent, largely on household necessities. In fact, families that reported experiencing food insecurity or difficulty paying for healthcare used the funds to purchase food and seek healthcare.

Top-line findings:

• Median monthly inflows rose by approximately $500 for child tax credit recipients.
• Individuals who indicated that they previously experienced food insecurity increased their average monthly spending on food by $345 (49%).
• Recipients who experienced difficulty paying for medical or prescription expenses increased their monthly spending on healthcare from $42 to $72 in the three weeks following receipt of child tax credits, a difference of 72%.
• Recipients are spending most of the tax credit and do not appear to be using the funds to build their savings, a contrast to how stimulus payments were utilized by many. 

“These findings show that government interventions for the most vulnerable work, offering an essential buffer to help households meet their most basic needs,” said Thea Garon, senior director of the Financial Health Pulse at the Financial Health Network. “If the Child Tax Credit program continues, families will be able to count on these funds, increasing their quality of life and potentially helping them meet longer-term goals like savings.”

(Source: AP)