The Kingdom’s consumer price index declined by 0.1 per cent in October
for the first time in 2012 due to a decline in food and gasoline prices and a
stable US dollar exchange rate, according to official data released by the
National Institute of Statistics (NIS).
Officials said the rate reflects
the decline in the region and the stabilisation of local currency against the
greenback. “We noticed that our inflationary rate has been pretty good in the
last few months,” said Khin Song, deputy director general of the NIS.
“We’ve had a decline in meat and
vegetable prices, pushing food prices to a stable level.
Additionally, our exchange rate
is also very stable and that cannot cause our CPI to increase. This proves
we’ve got a very sound and good macro-economy,” he added.
Khin Song added that the lack of
flooding this year was another contributing factor. “This year, we did not get
affected by the flood, that is
also the main contribution to the decline in price.”
The NIS’s data from September to
October showed stability in food prices – meat prices decreased by 0.6 per
cent, there was a 1.8 per cent fall in pork prices, vegetable prices declined
by 1.3 per cent and the price of gasoline also went down by 1.8 per cent.
According to the same data, there
has generally been an increase in the price of goods such as food and
non-alcoholic beverages, clothing and footwear, housing, water, electricity,
gas and other fuels over the last 12 months, causing a 1.2 per cent increase in
Cambodia’s inflationary rate.
The International Monetary Fund
(IMF) projected Cambodia’s inflation to be between 2 to 4 per cent in 2012,
saying that despite the rise in food prices in the global market, Cambodia will
maintain a low rate of inflation.
The NIS projected that Cambodia
will have an average inflation rate of between 2 to 3 per cent by the end of
the year.
According to the IMF’s deputy
managing direct, Naoyuki Shinohara, Cambodia’s inflation rate has moderated and
the food prices stabilised because of improvements made in rice production.
“If you look at the inflation
rate, it has moderated,” he said. “And, Cambodia did not suffer from food price
increases because of improvements in rice production. The impact of rising food
prices is also very limited and this year crops seem to be very good. So, there
is not much to worry about.”
The IMF also projected Cambodia’s
economic growth to be 6.5 per cent, similar to the government’s projection.
“Cambodia’s economic performance
is pretty good despite the global slowdown and crises in certain markets,” said
Shinohara.
“The growth in Cambodia has been
relatively steady and high. We are expecting comfortable growth for Cambodia
mainly off the back of exports, tourism and construction,” he added.
May Kunmakara
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