Annual inflation rate dips to 7.91 per cent in June

The annual rate of inflation in Myanmar, based on the Consumer Price Index, stood at 7.91 per cent in June 2020, according to a report released by the Central Statistical Organization under the Ministry of Planning, Finance and Industry.
The figure has remained above 8 per cent since June 2019. The inflation rate stood at 7.28per cent in March 2019 and gradually inclined. It reached a peak of 8.61 per cent in September and dipped in November. It touched the highest level at 8.81 per cent in December 2019 because of the high season.
Afterwards, despite the drop in fuel oil price and gain in local currency, power tariff hike led to higher inflation rate up to 9.2 per cent in February 2020. Then, it gradually declined.
The inflation rate was registered at 8.35 per cent in May 2020, and so, the month of June with 7.91 per cent witnessed a small decrease of 0.44 per cent against May’s rate. The core inflation, which strips out volatile food and energy prices, was 13.41 per cent in June 2020.
The Myanmar Kyat weakened against the US dollar in June, with a fall of K13 than the previous month. However, the imported oil price and gold price significantly rose in June compared with May’s rates, causing food price to increase sharply.
Nevertheless, there was a remarkable increase in CPI in the household goods and maintenance, other commodities, clothing, health, education services, recreation, culture and non-food. The price of telecommunications and tobacco and beverages groups dropped.
In June, Ayeyawady Region recorded the highest inflation rate at 12.71 per cent, followed by Magway Region at 12.13 per cent, and Nay Pyi Taw at 9.83 per cent. The price fluctuated with a maximum rate of 9.27 per cent in Ayeyawady Region and a minimum standard of 0.51 per cent in Mon State.
Earlier, the inflation rate was calculated based on a 2006 survey. The base year was later changed to 2012. The Central Statistical Organization conducted a Household Income and Expenditure Survey in 82 townships in November 2012. The concerned authorities have been making efforts based on policies on finance, currency, trade, and foreign currency control, in keeping with the second five-year National Development plan (2016-2017FY-2020-2021FY). — Htet Myat (Translated by Ei Myat Mon)

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