Cambodia’s inflation lower than 3 pct this year: PMSouce:Xinhua Publish By Jane B. Hatcher Updated 01/12/2012 2:59 am in Business / no comments
PHNOM PENH, Nov. 30 — Cambodia’s inflation rate is expected to be less than 3 percent in 2012 thanks to stable food prices, Prime Minister Hun Sen said Friday.
“This year, the inflation will be less than 3 percent, it is low and good if compared to 5.5 percent rate last year,” he said at a land-titling ceremony in Kampong Thom province.
He attributed the lower inflation rate to stable prices of food, particularly cheap fish prices.
However, gasoline prices remain high. On Friday, a liter of gasoline is 1.39 U.S. dollars, up 11 percent from 1.25 U.S. dollars in June.
The premier’s inflation projection is the same as the rate predicted by the Asian Development Bank (ADB), but still lower than the 3.5 percent forecast by the International Monetary Fund.
The ADB said last month that Cambodia’s inflation this year is driven by more moderate price increases for food and fuel.