Annual inflation rate remains above 8% in Dec

LOCAL NEWS

The annual rate of inflation in Myanmar, based on the Consumer Price Index, stood at 8.81 per cent in December, 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, while core inflation, which strips out volatile food and energy prices, has touched 9.96 per cent.
Last year, the inflation rate stood at 6.94 per cent in January, 7.07 per cent in February, 7.28 per cent in March, 7.51 per cent in April, 7.82 per cent in May, 8.08 per cent in June, 8.35 per cent in July, 8.53 per cent in August, 8.61 per cent in September, 8.6 per cent in October, 8.59 per cent in November, and 8.81 per cent in December.
The inflation rate began to climb gradually after January. It reached a peak in September, dipped slightly in November, and then jumped to its highest level in December.
In the month of December, the Myanmar Kyat strengthened against the US dollar. The price of imported oil dropped, but domestic fuel oil price remained on the higher side as locals headed out for vacations.
There was a remarkable increase in CPI in the food, household goods and maintenance, transportation, other commodities, clothing, health, education services, recreation, culture, non-food, and tobacco and beverages groups. The price of telecommunications stayed flat.
In December, Magway Region recorded the highest inflation rate of 12.23 per cent, followed by Sagaing Region (11.98 per cent), and Ayeyawady Region (11.03 per cent). The rate fluctuated with a maximum rate of 15.38 per cent recorded in Mandalay Region and a minimum of 3.16 per cent reported in Rakhine 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. To reduce inflation, the concerned authorities have been making efforts on the basis of policies on finance, trade, and foreign currency control, in keeping with the second five-year National Development plan. — Htet Myat (Translated by Ei Myat Mon)

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