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Inflation rate reaches 7.4 percent in July 2021 www.montsame.mn
In July 2021, consumer price index at the national level grew by 1.3% from the previous month, by 8.4% from the end of the previous year and by 7.4% from the same period of the previous year.
The 7.4% increase in consumer price index from the same period of previous year was mainly contributed by 11.2% increase in prices of food and non-alcoholic beverages group (meat and meat products by 16.0% nonalcoholic beverages by 8.7%), 3.4% increase in prices of alcoholic beverages and tobacco group, 3.6% increase in prices of clothing, cloth and footwear group, prices of housing, water, electricity and fuels group increased by 4.9% (electricity, gas and other fuels increased by 5.5%), 5.6% increase in prices of medicine and medical service group and 13.7% increase in prices of transport group.
The 8.4% increase in consumer price index from the end of previous year was mainly contributed by 15.8% increase in prices of food and non-alcoholic beverages group, 14.1% increase in prices of housing, water, electricity and fuels group, 3.8% increase in prices of medicine and medical service group and 12.2% increase in prices of transport group.
The 1.3% increase in CPI from the previous month was mainly resulted from 0.3% decrease in prices of food and non-alcoholic beverages group (meat and meat products by 2.2%), 0.6% increase in prices of alcoholic beverages and tobacco group, 0.6% increase in prices of medicine and medical service group and 9.0% increase in prices of transport group.
The inflation rate was 7.7% in July 2018, 7.7% in July 2019, 3.4% in July 2020 and reached 7.4% in July 2021, increased by 4.0 percentage points from the same period of previous year.
In terms of contribution of price changes of goods and services groups to 7.4% inflation rate in July 2021, 3.2 units (43.2%) were contributed from changes in prices of food and non-alcoholic beverages group.
The price of 373 items was collected for the consumer goods and services basket at the national level and prices of 344 items collected for goods and services basket in Ulaanbaatar. Out of 373 selected items of goods and services, 200 items were imported goods and services, which accounts for 45.5% of the total weight.
In July 2021, 50.0% of 7.4% inflation rate was mainly contributed by an increase in prices of imported goods and services. However, the contribution of prices of imported goods and services increased by 32.4 percentage points compared to July 2020.
In July 2021, the highest increase in CPI for goods was 9.6% in Ulaanbaatar city, and the highest increase in CPI for services was 3.4% in the Western and Eastern regions.
In July 2021, the highest increase in CPI for food items was 12.9% in the Western region, and the highest increase in CPI for non-food items was 6.8% in Ulaanbaatar city.
Source: National Statistics Office of Mongolia
Published Date:2021-08-24
