Cambodia’s Inflation Rate Up 7.1%

Cambodia’s consumer price index (CPI) inflation rate has continued to rise to 7.1 percent in June, up from 6.5 percent in May and 5.1 percent in April, according to the latest statistics released from the National Institute of Statistics (NIS) on Monday, according to Xihua New Agency

“The main increase for the 7.1 percent rate of inflation in June this year was due to group of food and non-alcoholic beverage; alcoholic beverages, tobacco and narcotics; clothing and footwear; transport; restaurants; and miscellaneous goods and services,” said the report.

The data recorded that from May to June this year, the prices for food continue to increase by 0.7 percent, the price of meat increased by 1.5 percent, the price of fish and seafood increased by 1.9 percent, the prices of pork and beefs rose by 1.5 percent and 2.7 percent respectively.

It added that the price for transport increased by 0.7 percent, the price for gasoline increased by 1.4 percent, and the price for restaurants rose by 1 percent.

Gasoline is the main item fueling month-on-month rise in inflation, a liter of gasoline in Cambodia costs 1.34 U.S. dollars on Monday, 7 percent rise from 1.25 U.S. dollars in January.

Nguon Sokha, director general of National Bank of Cambodia, warned that the country’s inflation this year could hit 8 percent this year due to rising prices of petroleum and food.

Earlier this year, the International Monetary Fund, the World Bank, and the Asian Development Bank forecast the country’s inflation rate in 2011 could be at 6.5 percent, 5 percent and 5.5 percent respectively, while the government of Cambodia predicted the rate to be at most 5 percent.

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