The Consumer Price Index, CPI for year-on-year changes increased by 3.8 percent compared to May 2021. The rise was in line with the increase in Food and Non-Alcoholic Beverages and Non Food prices by 5.4 percent and 3.4 percent respectively. The Department of Economic Planning and Statistics, Ministry of Finance and Economy in its press release shared the CPI for month on month decreased by 0.3 percent compared to April 2022. This was driven by the decrease in Non-Food Index by 0.4 percent. However, the decline in the index was offset by an increase in the Food and Non-Alcoholic Beverages Index by 0.3 percent.
The increase in Food and Non-Alcoholic Beverages was due to the rise in prices of food such as oil and fats; meat; and fish and seafood. The rise in the price of oil and fats is primarily due to an increase in the price of cooking oil, which corresponds to an increase in import prices due to an increase in the price of vegetable oil and palm oil input materials. Chicken meat is the main contributor to the increase in meat prices, due to the increase in the cost of chicken feed. Meanwhile, the rise in fish and seafood prices is due to unfavourable weather and labour shortage.
The increase in the Non-Food component was driven by Miscellaneous Goods and Services; Transport; and Housing, Water, Electricity, Gas and Other Fuels. Miscellaneous Goods and Services prices rose mainly due to the increase in the price of vehicle insurance. Meanwhile, the increase in Transport was mainly due to the increase in motor cars and air fares. The CPI full report for May 2022 is available from the DEPS website, deps.mofe.gov.bn
Source: Radio Television Brunei