In March 2023, the Consumer Price Index (CPI) went up by 0.1 per cent month-on-month compared to February 2023. The marginal increase was attributed to a lower increase of 0.1 per cent in NonFood prices, while the prices of Food and Non-Alcoholic Beverages decreased by 0.1 per cent. This was the first decline since May 2021.
The month-on-month decrease in the Food and Non-Alcoholic Beverages prices was attributed to Vegetables (1.8 per cent); Oil and Fats (2.9 per cent); and Sugar, Jam, Honey, Chocolate and Confectionery (0.4 per cent). Meanwhile, the rise in the prices of Non-Food was contributed by Recreation and Culture (3.1 per cent); Restaurants and Hotels (0.5 per cent); and Clothing and Footwear (1.2 per cent). The increase in the Recreation and Culture prices was mainly due to the rise in the price of holiday and umrah packages.
For year-on-year changes, the CPI increased by 0.4 per cent compared to March 2022. The rise was driven by an increase in prices of Food and Non-Alcoholic Beverages by 3.9 per cent. Meanwhile, the Non-Food prices registered a decrease of 0.5 per cent.
The year-on-year increase in Food and Non-Alcoholic Beverages prices was due to the rise in Rice and Cereals (6.6 per cent); Meat (5.8 per cent); and Fish and Seafood (3.6 per cent). The increase in Rice and Cereals prices was mainly driven by the rise in raw material prices for cakes, pastries and biscuits. The rise in Meat prices, particularly chicken meat, was contributed by the high cost of chicken feed. Whereas, the increase in Fish and Seafood prices was mainly attributed to the rise in prices of canned fish and fresh prawns.
However, the year-on-year increase was moderated by a decrease in Non-Food prices which was driven by Transport (4.1 per cent); Miscellaneous Goods and Services (2.5 per cent); and Communication (2.9 per cent). 6. Transport prices registered a decline due to a fall in the prices of air fares and motor cars. Meanwhile, the fall in Miscellaneous Goods and Services prices was mainly due to the decrease in the price of vehicle insurance. Moreover, the fall in telephone and telefax services prices was the main contributor to the decrease in the price of Communication.
The CPI is a measure of price changes of goods and services paid by the consumer in a specified period and compiled on a monthly basis. The list of goods and services in the CPI is based on the average expenditure per household from the Household Expenditure Survey (HES). The CPI full report for March 2023 is available from the DEPS website at https://deps.mofe.gov.bn
