Average inflation rate hits 5.02 pc in July

Writer: 
Min Thiha Zaw
A retail shopping center in Yangon.

 

The average inflation rate in late July stood at 5.02 per cent, a slight increase compared with 4.58 per cent in late June, according to the Consumer Price Index (CPI) and Inflation Rate by the Central Statistical Organisation (CSO).

From April to July this year, the average inflation rate increased consecutively.

The inflation rate was calculated using 2012 as a base year on the Consumer Price Index (CPI). According to the year on year inflation rate in July, 2017, was 7.56 per cent.

In late July, Mandalay topped the list of inflation with 9.93 per cent, followed by Rakhine with 8.87 per cent and Ayeyarwady with 6.22 per cent.

According to the year-on-year inflation rates, Mandalay region saw the biggest change with 13 per cent while Chin State saw the least change with 4.06 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.