May annual inflation rises to 7%

Reuters: The annual inflation rate accelerated to a nine-month high of seven per cent in May from a year earlier, well above analyst expectations and up from 6.1 per cent in April, Government data showed on Thursday.

May’s inflation rate was the highest since August 2011.

Annual average inflation as measured on a 12-month moving average eased to a 20-month low of 5.6 per cent this month, from April’s 5.7 per cent.

A Reuters poll of 13 analysts had forecast annual inflation to have risen to 6.5 per cent and annual average inflation to have slowed to a 20-month low of 5.6 per cent.

LIOC ups diesel price

Lanka IOC has increased price of diesel by Rs.2 per litre with effect from today.