Search

Search form

Logo of Phnom Penh Post newspaper Phnom Penh Post - Inflation dips in November

Inflation dips in November

Inflation dips in November

111226_07
A vendor sells eggs at Phsar Kapko market in Phnom Penh's Daun Penh district yesterday. Prices of many goods have fallen.

The Kingdom’s inflation rate fell month-on-month in November for the first time all year, dropping 0.7 per cent from October, according to National Institute of Statistics data.

However, year-on-year inflation in November increased 5.7 per cent, the NIS reported.

“We see that we got a bigger supply of fish and meat, and at the same time a decline in the price of gasoline,” NIS official Sim Ly said, explaining the incremental dip last month. He and other experts noted the damage done to Cambodia’s agriculture sector by this year’s flooding – the worst in a decade – but emphasised that prices were not significantly impacted.

While milled rice prices did register small gains, Sim Ly said many foods saw price declines. The cost of pork fell 2.6 per cent, according to NIS, while chicken and fresh fish fell 3.4 per cent and 5.4 per cent, respectively.

At the same time, gasoline slipped 2 per cent, while transport costs were off 1.7 per cent. Sim Ly estimated that with month to month inflation rates averaging between 5 and 6 per cent, the annual rate would settle at 5.7 per cent for 2011.

University of Cambodia business and economics lecturer Chheng Kimlong agreed with Sim Ly, saying inflation would not climb higher than that 5.7 per cent figure. That was in line with his own projection of a below 6 per cent increase for the year, he said.

“It means that our economy has performed very well,” he said. He pointed also to the fact that, despite the Kingdom’s heavily import-dependent economy, the inflation rate has remained manageable.

Chheng Kimlong also said that Cambodia continues to produce more of the products it needs, therefore easing that dependence on imports.

“Of course, we don’t get too much of an impact on our economy from imported products because, at the same time, we can produce more for local consumption,” he said.

RECOMMENDED STORIES

  • Rainsy and Sokha ‘would already be dead’: PM

    Prime Minister Hun Sen on Sunday appeared to suggest he would have assassinated opposition leaders Sam Rainsy and Kem Sokha had he known they were promising to “organise a new government” in the aftermath of the disputed 2013 national elections. In a clip from his speech

  • Massive ceremony at Angkor Wat will show ‘Cambodia not in anarchy’: PM

    Government officials, thousands of monks and Prime Minister Hun Sen himself will hold a massive prayer ceremony at Angkor Wat in early December to highlight the Kingdom’s continuing “peace, independence and political stability”, a spectacle observers said was designed to disguise the deterioration of

  • PM tells workers CNRP is to blame for any sanctions

    In a speech to workers yesterday, Prime Minister Hun Sen pinned the blame for any damage inflicted on Cambodia’s garment industry by potential economic sanctions squarely on the opposition party. “You must remember clearly that if the purchase orders are reduced, it is all

  • Ex-RFA journos accuse outlet

    Two former Radio Free Asia journalists held a press conference yesterday claiming they are each owed $28,000 by the US-funded radio broadcaster, which shuttered its in-country operations in September amid a government crackdown on independent media. The journalists, Sok Ratha and Ouk Savborey, maintained they organised