May 21, 2009 / 12:19 PM / 9 years ago

Libya March inflation rises to 5.9 pct yr/yr

TRIPOLI (Reuters) - Libya’s inflation had risen to 5.9 percent in March year-on-year from 5.1 percent in February but lower than 6.4 percent in January, official figures showed on Thursday.

The OPEC member country’s inflation fell sharply compared to the first three months of last year when the annual rate was 11.2 percent in March, 13.4 percent in February and 10.8 percent in January, according to the Central Bank data.

The Bank gave no details on the factors behind the inflation easing in the first period compared to the same quarter in 2008 but government and private economists say the inflation fell on lower foods prices which account for about third of the inflation gauge.

Economists say higher imported fooods prices caused inflation to spike to 10.4 percent in 2008 from 6.2 percent in 2007 and 1.4 percent in the previous year.

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