The average inflation rate is expected to hit 5.91 per cent in 2018-2019 FY which will start on October 1 despite the local currency depreciation and rising commodity prices, according to the Ministry of Planning and Finance.
During the six-month mini budget period, the average inflation rate is expected to reach 4.89 per cent.
Union Minister for Planning and Finance Soe Win at Union parliament said: “Cooperation will be made in the sector of goods production, consumption and commodity flow in order to control the inflation rate.
According to the Central Statistical Organization (CSO), the average inflation rate until late May was 4.29 per cent. In late April, the average inflation rate was 4.12 per cent.
On average, basic commodity prices have increased by seven per cent. The value of a US dollar appreciated to Ks-1,560. Local currency sees a 13-per-cent decline. Until June 2018, the average inflation rate was 4.58 per cent.
In 2017, the inflation rate calculated using Consumer Price Index in 2012 as a base year was 4.61 per cent. The current year-on-year inflation rate is 6.45 per cent and the annual inflation rate, 4.58 per cent.