Following the coup on February 1, a Civil Disobedience Movement referred to as CDM, erupted across the country in a nation wide protest to a return to a military dictatorship.
Protesters have staged shutdowns and strikes across the country. Banks have been closed and daily trade in markets has declined significantly. Now the price of basic food commodities, including rice and cooking oil, have skyrocketed.
Before the military coup, the price for 10 viss (traditional Burmese unit of measurement) of cooking oil in the market was around 20,000, Kyat, but now it is over 30,000.
“Oil traders in Yangon are not opening their markets and the oil tanks are closed. We are only selling the existing oil, so the prices are going up,” said an oil trader in Mawlamyine.
The price of rice in Mon State has risen to between 2,000 and 3,000 kyat per bag,in addition to its regular price, depending on the type of rice, according to rice traders.
“Now that the price has gone up, we have to buy rice on credit. And the price of cooking oil has gone up. Low-income people like us have a problem,” said Daw Mi, a housewife from Thanbyuzayat Township.
Foodstuffs imported from neighboring Thailand are also more expensive depending on the border exchange rate, and some items are no longer available in the markets.
In Mae Sot and Three Pagodas Pass, both border towns, the exchange rate for the Thai baht was 44/43 kyats in January and now it has risen to 49/48 kyats. In Yangon the exchange rate for the US dollar rose by more than 100 kyats to 1,425/1445 on Friday. Even gold prices are increasing. According to online news, the price of Academy Light Gold is 1,383,000 / 1,388,000 kyats.
Due to the closure of the banking system and decline in trade, there are concerns that there will be a shortage of imported fuel. The price of a liter of petrol has jumped to 200 kyats above the normal price.
Political observers anticipate that most banks will remain closed due to the CDM movement. This may make it difficult for businesses to pay workers salaries at the end of next month.
