Inflation remains unchanged in February

Inflation as measured by consumer prices in Colombo remained unchanged in February, figures released Thursday by the Statistics Department of the Central Bank showed. The inflation as measured by Colombo Consumers’ Price Index (CCPI) remained at 9.8% in February.

However, the inflation rate on an annual average basis increased to 8.6% in February 2013 from 8.1% in the January 2013. On absolute terms, the CCPI index increased marginally by 0.4% to 170.7 from 170.0 in January 2013.

The Central Bank attributed the slight increase in inflation to the rising food prices brought about by the adverse weather conditions the country experienced in the later part of 2012. The prices of most varieties of vegetables, fresh fish, dried fish, red onions, coconuts and some varieties of fruits increased during the month of January.

The Government in 2013 Budget aimed to stabilise prices of commodities to achieve a moderate inflation for this year.