Inflation rate stands at 2.4 percent in January

Economy
unurzul@montsame.mn
2021-02-22 13:13:34

Ulaanbaatar/MONTSAME/. In January 2021, the consumer price index at the national level rose by 1.0% from the previous month and increased by 2.4% from the same period of the previous year.


The 2.4% increase in the CPI from the same period of the previous year was mainly contributed by 8.4% rises in prices of food and non-alcoholic beverages group (non-alcoholic beverages by 5.1%), 4.2% rises in prices of alcoholic beverages and tobacco group, 3.4% rises in prices of clothing, cloth and footwear group, 3.8% rises in prices of medicine and medical service group, though the prices of housing, water, electricity and fuels group dropped by 6.3% (electricity, gas and other fuels decreased by 12.3%), and prices of transport group decreased by 5.2%.


The 1.0% increase in CPI from the previous month was mainly due to a 1.5% increase in prices of housing, water, electricity, and fuels group (electricity, gas and other fuels by 2.3%), 2.8% increase in prices of food and non-alcoholic beverages group (meat and meat products by 4.4%), 0.1% increase in prices of clothing, cloth and footwear group, and 0.3% increase in prices of medicine and medical service group.


The inflation rate was 6.9% in January 2018, 7.3% in January 2019, 5.6% in January 2020, and 2.4% in January 2021, with a decrease of 3.2 percentage points from the same period of the previous year.


In terms of group contribution of price changes of goods and services groups to 2.4% inflation rate in January 2021, 2.2 units (91.7%) were contributed from the change in prices of food and non-alcoholic beverages group.


The prices of 373 items were collected for the consumer goods and services basket at the national level, whilst the prices of 344 items were collected for the goods and services basket in Ulaanbaatar. From 373 items of goods and services, 200 items are imported goods and services, which account for 45.5% of the total weight.


In January 2021, 37.5% of the 2.4% inflation rate was mainly contributed by the increase in prices of imported goods and services, while the contribution of prices of imported goods and services was the same as January 2020.

 

Source: National Statistics Office