Inflation dips in August

Monday, 2 September 2013 00:00 - - {{hitsCtrl.values.hits}}

The Central Bank said on Friday that inflation, as measured by the Colombo Consumers’ Price Index (CCPI) (2006/07=100) and computed by the Department of Census and Statistics, decreased to 8.0% in August 2013 from 8.3% recorded in the previous month, on an annual average basis. However, the inflation rate on a year-on-year (YoY) basis increased to 6.3% in August 2013 from 6.1% in the previous month. This increase was mainly due to the low base that prevailed in August 2012. Core inflation on a YoY basis remained unchanged at 3.1% in August 2013 as recorded in the previous month while it continued to decline to 5.9% from 6.2% in July 2013 on an annual average basis. The CCPI decreased by 0.3% in August 2013 over the previous month, with the index decreasing in absolute terms to 176.2 from 176.8 in July 2013. The contribution to the monthly decrease in the index came mainly from price decreases (by 0.8%) in the food and non alcoholic beverages sub-category. Within the food category, the prices of all varieties of rice, most varieties of vegetables and fresh fish, dried fish, eggs and red onions decreased during the month. However, an increase in the prices of some varieties of fruits, big onions, limes, potatoes, infant milk powder, and sugar was reported. Within the non-food category, increases in prices were reported in the sub-categories of education (by 0.6%); clothing and footwear (by 0.1%); and miscellaneous goods and services (by 0.3%). Meanwhile, the prices in the sub-categories of housing, water, electricity, gas and other fuels; furnishing, household equipment and routine household maintenance; health; transport; communication; and recreation and culture remained almost unchanged during the month.

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