The latest figures released by the National Statistics Bureau show that the year-on-year consumer price index for March increased by 4.99 per cent compared to the same month, last year. This means that the prices of goods and services in the country increased by 4.99 per cent in the 12 months.
The Consumer Price Index, CPI, is used to calculate the inflation rate, which is an indicator of the general level of price changes in the economy.
The National Statistics Bureau selects a sample of goods and services using household expenditure data to measure the inflation experienced by households.
The NSB’s CPI basket has 113 items with 314 varieties. For March, food items which include alcoholic and non-alcoholic beverages, and betel nuts saw an increase in prices.
The inflation rate for food items increased by 6.95 per cent compared to the same month last year.
Food and non-alcoholic beverages saw a price increase of 7.20 per cent between March this year and last year.
On the other hand, prices of alcoholic beverages and betel nuts increased by 3.70 per cent.
Similarly, non-food products saw an increase of 3.34 per cent during the same period.
In the 12 months, almost all the non-food categories experienced an increase in prices except for transport and communication.
Housing and utilities were the major contributors and saw an increase of almost 9 (8.93) per cent.
Similarly, prices of clothing and footwear increased by 5.75 per cent in the 12 months. Miscellaneous goods and services also increased by 6.4 per cent.
Meanwhile, the value of ngultrum continues to depreciate. The purchasing power of ngultrum is 56.4 in March 2024 as compared to December 2012 prices, marking a decrease of 4.75 per cent in a year.
This means what you could have purchased for Nu 56.4 in 2012 now costs Nu 100 today.
Deki Lhazom
Edited by Kipchu
