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Consumer Price Index sees stable inflation

INFLATION remained near its lowest level this year in August as the National Bank of Cambodia’s measures to stabilise the riel took effect.

The Consumer Price Index rose slightly to an annual 1.8 percent in August, a slight increase on the year’s low of 1.6 percent in July, but still far below the 5.3 to 7.3 percent rates of the year’s first four months, according to National Institute of Statistics data released yesterday.

Kang Chandararot, president of Cambodia Institute for Development Study, said yesterday: “The good [stable] rate of inflation is due to the measures of the National Bank of Cambodia in stabilising the riel currency.

“We expect that the inflation rate will be stable throughout this year.”

So far this year, the NBC has bought US$48 million worth of riels on the foreign exchange market to stop the riel from depreciating too quickly.

The NIS report highlighted that the highest percentage increases among consumer goods were natural gas, sugar, jam, honey, chocolate and confectionery, and petrol prices, which respectively increased by 31.4 percent, 18.9 percent and 10.6 percent.

The International Monetary Fund forecast Friday that inflation would be 4 percent this year.

It is currently averaging 4.59 percent for the first eight months.

The index is made up of 259 items tracked in five different Phnom Penh markets.

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