Logo of Phnom Penh Post newspaper Phnom Penh Post - Consumer Price Index sees stable inflation

Consumer Price Index sees stable inflation

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.

MOST VIEWED

  • Proof giants walked among us humans?

    For years a debate has waged about whether certain bas relief carvings at the 12th-century To Prohm Temple, one of the most popular attractions at the Angkor Wat Temple Complex in Siem Reap province, depicted dinosaurs or some rather less exotic and more contemporary animal,

  • Long way to go before Cambodia gets a ‘smart city’

    Phnom Penh, Siem Reap and Battambang will struggle to attain smart city status without adopting far reaching master plans, according to officials tasked with implementing the program. The brainchild of the Association of Southeast Asian Nations (Asean), the smart city program seeks to link up

  • Japan bank buys major stake in ANZ Royal Bank

    Japan's largest bank acquired more than half of ANZ’s shares in Cambodia on Thursday, according to a statement from Kith Meng’s Royal Group. Japan's JTrust Bank, announced that they had acquired a 55% of stake in ANZ Royal Bank. According to a Royal Group

  • New US bill ‘is a violation of Cambodian independence’

    After a US congressmen introduced bipartisan legislation that will enact sanctions on Cambodian officials responsible for “undermining democracy” in the Kingdom, government officials and the ruling Cambodian People’s Party on Sunday said they regarded the potential action as the “violation of independence and sovereignty