Annual inflation rate remains at 8.6% in Oct

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Annual inflation rate remains at 8.6% in Oct

The annual rate of inflation in Myanmar, based on the Consumer Price Index, stood at 8.6 per cent in October, according to a report released recently by the Central Statistical Organization, under the Ministry of Planning, Finance and Industry.

The figure showed no remarkable change month-on-month. The rate was registered at 8.61 per cent in September.

The Myanmar Kyat gained against the US dollar in October. The price of imported oil dropped, but domestic fuel oil price was on the higher side.

There was a remarkable increase in CPI in the food, household goods and maintenance, transportation, other commodities, clothing, health, education services, recreation, culture, non-food and tobacco and beverages groups and telecommunications.

The annual inflation rate based on CPI stood at just 6.6 per cent in November, 2018 and reached its highest level in September this year at 8.61 per cent.

In October, Magway Region recorded the highest inflation rate at 12.4 per cent, followed by Sagaing Region at 11.53 per cent, and Mandalay Region at 10.1 per cent.

Earlier, the inflation rate was calculated based on a 2006 survey. The base year was later changed to 2012. The Central Statistical Organization conducted a Household Income and Expenditure Survey in 82 townships in November, 2012. To reduce the inflation rate, the concerned authorities have been making efforts on the basis of policies on finance, currency, trade, and foreign currency control, in keeping with the second five-year National Development plan.

FROM : GLOBAL NEW LIGHT