Inflation up 4.3% in April

Tuesday, 24 May 2016 00:15 - - {{hitsCtrl.values.hits}}

The rate of inflation, measured in a new National Consumer Price Index (NCPI), was up 4.3% in April from a year earlier, compared with a 2.2% increase in March, the Department of Census and Statistics said on Monday.

The Department in a statement said NCPI has been compiled as 111.6 for April 2016. This shows an increase of 1.6 index points or percentage of 1.5 compared to the previous month’s (March) index of 110.0. This monthly change is due to the expenditure value of food items increased by 0.97% and expenditure value of non-food items increased by 0.45%.

The expenditure value of food commodity group has increased by 0.97% in April 2016 compared to March 2016. This was mainly due to the price increases in fresh fish, limes, salt, rice, banana, potatoes, sugar, chicken, eggs, bread, wheat flour, vegetables, big onions coconut oil and garlic compared to the previous month (March). However, decreases in prices were recorded for papaw, green chilies, coconut, mangoes, tamarind and dry sprats compared to the previous month (March).

The expenditure value of non-food commodity group has increased by 0.45% in April 2016 compared to March 2016. This was mainly due to the expenditure value increases in non-food commodity groups of ‘Alcoholic Beverages Tobacco & Narcotics’, ‘Transport’, ‘Clothing and Footwear’ and ‘Furnishing, Household Equipment and Routine Household Maintenance’ compared to March 2016. Further, very slight increases in expenditure values were also reported for groups of ‘Housing, Water, Electricity, Gas and Other Fuels’, ‘Restaurant and Hotels’, and ‘Miscellaneous Goods and Services’ compared to the previous month (March). The expenditure values of ‘Health’, ‘Communication’, ‘Recreation and Culture’ and ‘Education’ groups remained unchanged during the month.

In a communiqué issued on NCPI, Dr. Amara Satharasinghe, Director General of Census and Statistics said that year on year inflation based on NCPI for the month of April 2016 was calculated as 4.3%.

The latest Consumer Price Index (CPI) released by the DCS is, National Consumer Price Index (NCPI). DCS commenced releasing NCPI (Base 2013=100) from October 2015 with a time lag of 21 days.