Estimated average inflation rate of Myanmar in 2023-2024 FY rose to 21.2 percent

Caption: A scene of Yangon market selling basic commodities (Photo-Kyi Naing)

Published 12 October 2023

EMG

An estimated average inflation rate of Myanmar in 2023-2024 FY rose to 21.2 percent, according to the 2023-2024 FY financial policy issued by the Ministry of Planning and Finance.

Myanmar's average inflation rate rose to 28.59 percent during the first three months of the 2023-2024 fiscal year, according to a statement from the Central Statistical Organization (CSO).

During the first quarter of 2022-2023 FY, the average annual rate of inflation was 18.45 percent, and year-on-year annual rate of inflation was 18.46 percent. In the second quarter, the average annual rate of inflation was 27.98 percent and the year-on-year inflation rate was 28.04 percent. In the third quarter, the average inflation rate was 34.97 percent, and the annual inflation rate was 34.97 percent. The average inflation rate during the fourth quarter was 27.51 percent and the annual inflation rate was 27.50 percent.

The CSO conducted a household income and consumption survey of 32,669 sample households in 82 townships in order to calculate the changes in the consumer price index (CPI) and inflation rates for the entire country in November 2012.

However, currently, the Ministry of Planning and Finance has informed that the inflation rate situation is being calculated based on the year of 2017 for Myanmar's CPI and inflation rates.

Myanmar's average monthly inflation rate was 2.61 percent in February 2021, 2.28 percent in March, 2.17 percent in April, 2.27 percent in May, 2.40 percent in June, 2.80 percent in July, 3.20 percent in August, 3.64 percent in September, 4.34 percent in October, 5.23 percent in November, and 6.22 percent in December. In 2022, it was 7.30 percent in January, 8.35 percent in February; 9.57 percent in March, 10.72 percent in April, 11.79 percent in May, and 12.93 percent in June.

In the first quarter (from October to December) of fiscal year 2021-2022, the average inflation rate was 11.39 percent and the annual inflation rate 11.39 percent. During the second quarter (January to March) of fiscal year 2021-2022, the annual rate inflation was 15.05 percent and year by year inflation rate was 15.06 percent.