Consumer prices rose by 4.5% year on year in April, up from 4.3% in March and representing the fastest pace of inflation since April 2009, according to the National Statistics Office (NSO). In the first four months of the year consumer prices rose by an average of 4.2%, within the central bank’s target range for the whole year of 3-5%. Unusually, the acceleration of the pace of overall inflation occurred despite slower growth in food prices, which rose by 4.3% in April, down from 4.5% in March. Food prices account for around one-half of the overall price index. A slight acceleration in the pace of growth in rice prices (to 1.5%, from 1%) was more than offset by slower growth in most other categories of food as the farm sector recovered from the impact of heavy rain and floods that hit central and southern regions earlier in the year. All other index categories of goods and services recorded faster rates of inflation in April, mainly owing to higher prices for oil products and associated increases in electricity and transport costs. Core inflation, which excludes food and energy items, accelerated to 3.8% year on year in April, up from 3.5% in March, pushing up the average for the first four months of the year to 3.5%.

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