November 2023 CPI Report show increase in inflation

In a recent report released by the National Statistics Bureau of Bhutan (NSB), the Consumer Price Index (CPI) for November 2023 highlighted a year-on-year increase in CPI by 4.60 percent. Notably, both food and non-food items experienced price hikes, with food seeing a 5.21 percent increase and non-food witnessing a 4.09 percent rise.

From the twelve major divisions, all saw increased prices except for transport and communication, which experienced a decrease of 0.99 percent and 2.86 percent, respectively. Alcoholic beverages and betel nuts registered the highest spike with a 5.81 percent increase, while housing and utilities saw a significant rise of 9.51 percent.

The month-on-month CPI for November 2023 showed a 0.21 percent increase from October 2023. Food prices were up by 1.08 percent, while non-food items decreased by 0.52 percent. Transport and housing/utilities experienced notable drops of 1.71 percent and 0.10 percent, respectively. Food and non-alcoholic beverages increased by 1.16 percent, with alcoholic beverages and betel nuts seeing a marginal increase of 0.10 percent.

In terms of the annual inflation rate, household goods and services saw a 5.64 percent increase from 2021 to 2022, marking a decrease of 1.71 percentage points compared to the 7.35 percent rise in 2021. Food prices contributed to approximately 34 percent of the overall inflation rate in 2022, while non-food items contributed 66 percent, in contrast to 2021 when food prices were the primary driver, contributing almost 60 percent.

Transport recorded the highest increase among the twelve major groups in 2022, with a notable 12.59 percent rise, while communication witnessed a decline of 1.46 percent. Food and alcoholic beverages contributed to over 33 percent of the total increase in 2022, followed by transport and clothing/footwear.

The Purchasing Power of Ngultrum, as measured by CPI, stands at Nu. 56.7 as of November 2023 compared to December 2012, reflecting a 4.40 percent drop.

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