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04:41
Rising living costs impacting families hard in Myanmar
STORY: Rising living costs impacting families hard in Myanmar
SHOOTING TIME: Sept. 2, 2024
DATELINE: Sept. 3, 2024
LENGTH: 0:04:41
LOCATION: YANGON, Myanmar
CATEGORY: SOCIETY/ECONOMY
SHOTLIST:
1. various of markets, bus stations, and street views in Yangon
STORYLINE:
In the bustling city of Yangon, many residents have been forced to make difficult choices as the cost of living continues to rise sharply.
The latest data from the Central Statistical Organization (CSO) showed that between Aug. 22 and 28, the price of medium-quality rice per pyi (about 2.12 kg) rose from 4,700 kyats to 4,800 kyats.
The price of groundnut oil per viss (about 1.68 kg) also increased from 17,000 kyats to 18,500 kyats. The cost of pork belly per viss also rose from 25,000 kyats to 26,000 kyats, according to the CSO's figures.
To address inflation, the Central Bank of Myanmar has announced that it increased the interest rate on excess reserves (IOER) from 3.6 to 3.8 percent in May and raised its policy interest rate from 7 to 9 percent in September.
Additionally, the central bank has said it is closely monitoring domestic and international market conditions to identify the causes of inflation and set appropriate monetary policies.
Xinhua News Agency correspondents reporting from Yangon, Myanmar.
(XHTV)
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