Inflation rate rises to 5.02 per cent in July

The inflation rate in Myanmar based on the Consumer Price Index (CPI) was recorded at 5.02 per cent in July, which shows a small increase compared to last month’s rate of 4.58 per cent, according to an announcement released by the Central Statistical Organization (CSO) under the Ministry of Planning and Finance.
The year-on-year inflation rate was 7.56 per cent in July 2017 versus July 2016.
In July, food group, tobacco and beverages group, household goods and maintenance group, transportation group and other commodities group showed a remarkable increase in CPI. Meanwhile, clothing, health, education services, recreation and culture and housing groups are seen a slight increase. Telecommunication group indicated stable price. As Myanmar currency is depreciating against the US dollar last month, prices of imported goods were on the high side. Transportation costs has also risen with high fuel price, hiking the commodity price up. Only Chin and Shan states were registered a slight decline of CPI rate whereas the remainders including Yangon, Mandalay and Nay Pyi Taw showed increasing CPI rate.
In July, Mandalay City was recorded the highest inflation rate at 9.93 per cent, followed by Rakhine State at 8.87 per cent and Ayeyawady Region at 6.22 per cent. The year-on-year inflation rate fluctuated with a maximum rate of 13 per cent in Mandalay and a minimum rate of 4.06 per cent in Chin State.
Previously, the inflation rate was evaluated based on a 2006 survey and then, the base year tuned to 2012. The Central Statistical Organization conducted a Household Income and Expenditure Survey in 82 townships in November 2012. The inflation rate in the first five-year plan from 2011- 2012 FY to 2015-2016 FY rose. In an attempt to reduce the inflation rate, the authorities concerned made efforts on the basis of the policies of finance, currency, trade and foreign currency control, according to the second five-year National Development plan. — Htet Myat

Share this post
Hot News
Hot News