The Consumer Price Index (CPI) for October 2023 showed a significant year-on-year increase of 5.07%, marking a substantial uptick compared to the same month in the previous year. The surge was broad-based, affecting both food and non-food items, with respective increases of 5.25% and 4.91%.

According to the National Statistics Bureau (NSB) report, from the twelve major divisions, all experienced price hikes, except for communication, which saw a decline of 2.86%. Among the notable increases, prices of food and non-alcoholic beverages rose by 5.19%, while alcoholic beverages and betel nuts experienced a sharp uptick of 6.04%. Health costs led the pack with a significant surge of 13.47%, followed closely by housing and utilities at 9.58%. The price for clothing and footwear also saw a noticeable increase of 7.03%.

“On a month-on-month basis, the CPI increased by 0.67% in October 2023 compared to September 2023. Both food and non-food items contributed to this rise, with increases of 0.04% and 1.20%, respectively,” report states.

Compared to the previous month, transport costs saw a notable increase of 2.84%, while furnishings, household equipment, and routine household maintenance experienced a 2.19% uptick.

However, food and non-alcoholic beverage prices decreased slightly by 0.03%, communication costs decreased by 2.9%, and there was a 0.29% decline in the prices of restaurants and hotels.

By Kinley Yonten