Phnom Penh (FN), Feb. 10 – Chea Serey, Governor of the National Bank of Cambodia (NBC), stated that Cambodia’s inflation rate averaged 0.8 per cent in 2024, primarily due to falling fuel and food prices, while the prices of other goods and services increased gradually. This low inflation rate has played a key role in maintaining the living standards of Cambodians.

Chea Serey spoke on 8 February 2025 during the NBC’s 2024 annual conference.

She highlighted that as global economic growth remained steady, inflation rates worldwide continued to decline, dropping from 8.6 per cent in 2022 to 5.7 per cent in 2024. Developed countries saw inflation decrease to 2.6 per cent, supported by high policy rates and falling fuel and food prices. This trend allowed major central banks to begin gradually lowering policy rates in the second half of 2024.

“In Cambodia, the effective implementation of the Pentagon Strategy-Phase I, helped sustain economic growth at 6 per cent in 2024. This growth was largely driven by strong exports, particularly in the garment sector, and the continued recovery of tourism. However, construction, real estate, and agriculture saw slower growth. Meanwhile, average inflation remained low at 0.8 per cent, thanks to declining fuel and food prices, while other goods and services experienced only modest price increases,” Chea Serey underscored.

She added that maintaining the stability of the riel also contributed to price stability in the market. The exchange rate averaged 4,071 riels per USD, marking a 0.9 per cent increase from 2023 and returning to pre-COVID19 levels.

Chea Serey underlined that “the low inflation rate reflects the NBC’s success in implementing monetary policy in line with the Royal Government’s macroeconomic framework. This has significantly contributed to preserving the living standards of Cambodians.”
=FRESH NEWS