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Consumer Price Index 2nd Quater 2012

Consumer Price Index

NSB is pleased to release 2nd quarter CPI report today Thursday 26th July 2012. According to the quarterly report, the year on year inflation is measured at 13.53% which is the highest inflation recorded after its rebasing in 2003. It was mainly driven by increase in food prices by 18.72%. Non-food prices also increased by 10.67%. The highest increases were in Narcotic products at 71.57%, followed by perishable commodities such as Fruits by 56.60% and Vegetables by 40.58% over the 12 months period. The reason behind the sharp increase could be due to recent Rupee surge and also the summer monsoon season leading to frequent road blocks which increases the transportation cost in many parts of the country. Also with the coming of domestically produced vegetables in the market, the prices are usually higher than imported items as there is no price control over the local vegetables.

The prices of Alcoholic Beverages went up by almost 40%, while Other Food Products such as Bhutanese and imported spices increased by 24.51%. For the first time Clothing has recorded an inflation of 20.60%. Personal care also increased heavily by 18.93% as compared to the previous quarters which was below 8%. Actual rentals for housing saw an increase of 8.14%, which is much lower compared to movements of other CPI products. These domestic services are not impacted by the price movements of the external goods and services. However, Electricity tariff, Transport services and fish products have not seen much increase over the 12 months while Communication services has declined by 1.46% over the year.

Quarter to Quarter inflation is recorded at 5.89%, also one of the highest since 2003. Of the total inflation, 8.57% came from Food which has 32% share of the expenditure weights and Non-Food contributed 4.36%. In the food group highest hike was seen in Fruits and Vegetables by 23.68%. Mainly driven by arrival of domestically grown leafy vegetables and on the other hand imported fruits such as apples, oranges, watermelon, grapes has become costlier because of the monsoon season. In the non-food group, Clothing and Personal care have shown higher increase entering into double digits over the 3 months time.

The value of Ngultrum has depreciated by 44% in 9 years. In other words, Ngultrum 100 in 2nd quarter of 2012 is worth only Ngultrum 56 at 2003 prices.

Dec 28, 2012    News    admin    1770 views