As per the National Statistics Bureau’s, NSB monthly consumer price index report, the year-on-year Consumer Price Index, CPI of November 2023 is 4.60 %. This means consumers are paying almost five per cent more for the same goods and services compared to the same month in 2022. The NSB releases the monthly consumer price index report a month after the data is compiled.
The Consumer Price Index is a measure of average price changes in the basket of goods and services purchased by households over time. The National Statistics Bureau uses a market basket of 113 items with 314 varieties to calculate the country’s inflation rates.
In November last year, health was the primary contributor to the overall increase in prices.
At 13.47%, the health sector is the only division within the CPI basket that saw the price increase in double figures.
The price rise for housing and utilities was also high at 9.51%.
Within the food group, the prices of food and non-alcoholic beverages increased by 5.16% in one year.
Alcoholic beverages and betel nuts on the other hand saw a price increase of 5.81%.
Meanwhile, in the non-food division, except for transport and communication, which saw a slight dip in prices, the other eight divisions recorded an increase in prices between November 2022 and November 2023.
The purchasing power of Ngultrum as measured by CPI was Nu 56.7 in November 2023.
This means the worth of Nu 100 in November last year was equivalent to Nu 56.7 in December 2012 indicating a 4.40 per cent drop in the purchasing power of Ngultrum due to price increases in the economy.
Deki Lhazom
Edited by Sherub Dorji
