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Agriculture & Agri-business

Inflation Will go Down Later this Year, Economy Minister Said

The Consumer Price Index increased by a total of 7.1 percent in June 2011 compared to the same period last year at the same time. Ministry of Economy and Finance expects that inflation would go down to 6.5 percent at the end of this year under its strict measure to deal with the problem. "I expect that inflation will go down to 6.5 percent at the end of this year while inflation remains 7.1 percent in this month," H.E. Keat Chhon, Deputy Prime Minister and Minister of Economy and Finance, told media after the climate change workshop here on August respond to the increasing inflation, the Ministry of Economy and Finance is trying to control prices. He added: "We keep it from increasing so fast because the increasing prices of food and goods for local consumers will affect the price of exporting especially the increasing price of gasoline."He stressed. "All governments around the world cannot avoid the increasing price of gasoline, so all people in the country need to deal with the problem, especially rural areas, where there is a need to expand agricultural productivity and growth of yields so that most of the people will not be easily affected by inflation."... According to a report from the National Institute of Statistics, the main group that lead to increase in the inflation rate are the groups of food and non-alcoholic beverages, alcoholic beverages, tobacco, and narcotics, clothing and footwear, transport, restaurants, and miscellaneous goods and services... Usually, when gasoline prices at international markets go down, local oil distributors never dropped its costs on time due to citing that they bought it with high prices, so they need to sell it at a high price too. In contrast, they will increase price of gasoline on time while it is up at the international market. Currently, the price of gasoline is worth about US$ 1.3 per liter, Commerce Minister, H.E. Cham Prasidh, said recently that Cambodia's economic growth will be at 8 per cent this year. ...
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