Inflation declines in November

Monday, 1 December 2014 01:01 - - {{hitsCtrl.values.hits}}

The Central Bank said on Friday that inflation, as measured by the change in the Colombo Consumers’ Price Index (CCPI) (2006/07=100), which is computed by the Department of Census and Statistics, declined from 1.6% in October 2014 to 1.5% in November 2014, on a year-on-year (YoY) basis, which is the lowest since November 2009. Annual average inflation also declined to 3.5% in November 2014 from 3.8% recorded in the previous month. Downward revision of administered prices in the Non-Food category, contributed mainly to the decline in inflation. The monthly percentage change in CCPI recorded a marginal increase of 0.1% in November 2014, mainly due to price increases in the Food category caused by seasonal factors and adverse weather conditions. Within the Food category, prices of almost all varieties of vegetables, green chillies, coconuts, potatoes and red onions increased. Meanwhile, prices of many varieties of fruits and fresh fish decreased. Prices of items in the Non-Food category decreased on average, supported by the declines in prices in the Housing, Water, Electricity, Gas and other Fuels subgroup. Downward revision of LP Gas prices with effect from 10 October 2014 contributed significantly to this decrease. Nevertheless, prices in clothing and footwear, furnishing, household equipment and routine household maintenance and health sub groups recorded increases, while transport, communication, recreation and culture, education and miscellaneous goods and services sub groups remained unchanged during the month. Core inflation, which reflects the underlying inflation in the economy, remained unchanged in November 2014 at 3.6% on a year on year basis as recorded in the previous month. Annual average core inflation during November 2014 was 3.4%, compared to 3.3% recorded in October 2014.

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