NBC predicts 20pc inflation for 2008

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PHNOM PENH, Aug 18 (Xinhua): The National Bank of Cambodia ( NBC) has predicted annual inflation could rise to 20 per cent this year, substantially less than earlier in the year, local newspaper the Mekong Times reported today.

NBC Governor Chea Chanto was quoted as saying that "the annual inflation rate may stand at 20 per cent owing to the effectiveness of the package of measures though the inflation rate rose to a remarkable level early this year."

He did not reveal how high inflation was earlier in the year, saying only that price rises were driven by global problems, including a mortgage crisis, the depreciation of the US dollars, the slowing of the US economy, rising oil prices, regional natural disasters and insufficient harvest.