Inflation rate hits 4.29 pc in May

Writer: 
Min Thiha Zaw
A street market in Yangon. (Photo-Kyaw Zin Phyo)

 

The average inflation rate in late May stood at 4.29 per cent, a slight increase compared with 4.12 per cent in late April, according to the Consumer Price Index (CPI) and Inflation Rate by the Central Statistical Organisation.

In late May, Mandalay topped the list of inflation with 8.51 per cent, followed by Rakhine with 8.41 per cent and Ayeyarwady with 5.25 per cent. According to the year-on-year inflation rates, Mandalay region saw the biggest change at 11.38 per cent while the Union Territory saw the least change with 2.50 per cent.

In November, 2012, the Central Statistical Organization conducted a household and consumption survey on 32,669 households in 82 townships nationwide to calculate the CPI and inflation rate.

In the past, the inflation rate was calculated using 2006 as a base year. Now 2012 is used as a base year to calculate inflation rate.

Under the second five-year National Development Plan (from 2016-2017 to 2020-2021 FY), the government has planned to reduce the inflation rates through finance, monetary, trade and foreign currency policies.