CB says inflation down further in July 2013

Friday, 2 August 2013 00:01 - - {{hitsCtrl.values.hits}}

Central Bank said inflation, as measured by the Colombo Consumers’ Price Index (CCPI) (2006/07=100) computed by the Department of Census and Statistics decreased to 6.1% on a year-on-year (YoY) basis in July 2013 from 6.8% in the previous month. This decline was observed for the second consecutive month. The inflation rate on an annual average basis also decreased to 8.3% in July 2013 from 8.6% recorded in the previous month. Core inflation on both YoY and annual average basis continued to decline to 3.1% and 6.2%, respectively, in July 2013 from 4.3% and 6.4% respectively in June 2013.

The CCPI increased by 0.2% in July 2013 over the previous month, with the index increasing in absolute terms to 176.8 from 176.5 in June 2013. The contribution to the monthly increase in the index came mainly from price increases (by 0.2%) in the food and non alcoholic beverages sub-category. Within the food category, the price of some varieties of vegetables, fruits and fresh fish, potatoes, big onions, red onions and limes increased during the month. However, a decrease in the price of many varieties of vegetables and fresh fish, green chillies and eggs was reported. Within the non-food category, increases in prices were reported in the sub-categories of transport (by 0.5%), clothing and footwear (by 0.2%); and miscellaneous goods and services (by 0.1%). Meanwhile, the prices in the sub-categories of housing, water, electricity, gas and other fuels; furnishing, household equipment and routine household maintenance; health; communication; recreation and culture and education remained unchanged during the month.