CPI increases 1.9% YoY in November 2021

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The consumer price index (CPI) in November 2021 increased by 1.9% year on year (year-on-year), compared to November 2020, while the price of food and non-alcoholic beverages at 2, 4% and non-food products at 1.8% cent, according to a press release from the Department of Planning and Economic Statistics (DEPS) of the Ministry of Finance and the Economy.

For food and non-alcoholic beverages, the increase is due to higher food prices, such as beef, buffalo and chicken; cooking oil; and vegetables, the agency said.

“The increase in beef and buffalo meat prices was due to higher demand driven by pandemic-induced supply chain disruptions,” DEPS said. “The increase in chicken meat prices was due to the rising cost of chicken feed. As for cooking oil, the price increase was mainly due to higher input prices of vegetable oil and palm oil.

Based on information from the Agriculture and Agribusiness Department of the Ministry of Primary Resources and Tourism, he added, factors determining vegetable prices include the price of seeds and chemical fertilizers due to increased freight and shipping costs.

The agency also saw price increases in the non-food category driven by three product groups: clothing and footwear (7.9 percent); transportation (5.3%); and miscellaneous goods and services (1.2 percent).

“Prices of clothes and shoes rose mainly due to price increases of women’s clothing materials, such as cotton, polyester, silk fabric and lace,” DEPS said.

“The increase in transport has been largely attributed to rising prices for motor cars and air fares to some destinations. Miscellaneous goods and services increased primarily due to an increase in the cost of employment agency services.

The headline CPI, the agency added, was moderated by a 0.2% drop in housing, water, electricity, gas and other fuels.

On a monthly basis, the CPI for November 2021 increased by 0.3% compared to October 2021; the index for food and non-alcoholic beverages increased by 0.7% while the index for non-food products increased by 0.1%.

The CPI is a measure of changes in the prices of goods and services paid by the consumer over a given period and compiled on a monthly basis.

The list of goods and services in the CPI is based on average expenditure per household from the Survey of Household Spending (HSS).

The full CPI report for November 2021 is available on the DEPS website at www.deps.gov.bn.

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