YANGON (Xinhua): In the bustling city of Yangon, 32-year-old Phyu Phyu Khin is struggling to make ends meet while living far from her family in Kayin state.
Working in the city and staying in a hostel, Phyu said she has been forced to make difficult choices as the cost of living continues to rise sharply.
"Sometimes, I have to skip breakfast because prices have gone up so much," she said, reflecting on her daily routine. "In the past, I could buy a Chinese steamed bun, Baozi, and a cup of coffee for less than 1,000 kyats. Now, it costs over 2,000 kyats (about 1 U.S. dollars)."
"Hostel prices have also increased, but our salaries haven't. What I used to spend on food each month has now nearly doubled, and even things like cosmetics are out of reach for some months," she shared.
She said the rising costs have also pushed her into debt at times. "I used to enjoy going out with friends, eating at restaurants, and buying clothes and cosmetics every month. Now, I've had to cut back on all of that," she sighed.
Phone Naing, a 33-year-old company employee in Yangon, said his savings have dwindled as inflation eats away at his earnings. As someone who commutes to work every day by ferry and bus, he said his daily transportation costs have also risen.
"The money I've saved is losing value because prices keep going up. Our salaries haven't changed, but everything else costs more now. I've had to cut back on anything that isn't essential," he said.
In Maubin, a town in the Ayeyarwady region, 58-year-old Daw Aye Aye Myint, a school teacher, said she is facing similar challenges. Supporting a family of three, she has seen her household budget tighten as prices soar. Preparing meals for her family has become a daily struggle, she added.
"In the past, we could afford to have meat every day, but now we can only afford it once every three days," she said.
"Last week, I wanted to buy a light bulb that cost 1,300 kyats. When I went back to get it, the price had jumped to 1,900 kyats. I've never seen prices rise so quickly in my life. Before, they went up gradually, not like this," she explained.
Even though salaries have slightly increased, Daw Aye Aye Myint said the income-to-price ratio remains unbalanced.
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.
"We don't care about the rise in gold prices or other luxuries. What we need is stable prices for essential goods like rice, cooking oil, and onions. We can live without gold and even new clothes, but we can't survive without food," Daw Aye Aye Myint said. - Xinhua
