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Thursday Nov 14, 2024
Saturday, 18 February 2017 02:11 - - {{hitsCtrl.values.hits}}
The country’s manufacturing and services sector have had a slow start in the New Year with a key index showing marginal decline in January.
The Manufacturing Sector Purchasing Managers Index (PMI) has recorded an index value of 56.2 in January, down by 2.1 index points compared to December 2016.
“The deceleration in PMI indicate that the manufacturing activities expanded at a moderate pace in January 2017 largely attributable to post seasonal realignment of business plans ahead as reflected in Production and New Orders sub-indices,” reasoned the Central Bank which compiles the PMI Index.
It said the Stock of Purchases sub-index increased in January indicating an accumulation of stocks mainly as a precaution to face possible delays of supply of materials which is also associated with the lengthening of Suppliers’ Delivery Time.
The Employment sub-index also increased compared to the previous month. Overall data points to an expansion where all the sub-indices are above the neutral 50.0 threshold. The expectations for activities indicated an improvement over the next three months.
The Services Sector PMI recorded 57.5 index points in January 2017 from 59.8 index points in December 2016.
“The decline in PMI over the last month’s value indicates that economic activities in the Services sector expanded at a slower rate in January 2017, compared to the previous month,” the Central Bank said. The deceleration in Services PMI was caused by the decelerations in New Businesses and Business Activity sub-indices and the decline in Backlogs of Work sub-index.
Employment sub-index remained unchanged while Expectations for Activity sub-index increased in January 2017 compared to December 2016. Prices Charged and Future Labour Cost, which are not taken into consideration in PMI compilation process, increased in January 2017 compared to the previous month. Future Labour Cost is measured by Expectations for Labour Cost, a newly introduced variable from January 2017.
As more imported rice enters the market, the Consumer Affairs Authority (CAA) took action to re-issue a new Maximum Retail Price (MRP) order yesterday for three varieties of rice, including locally milled rice.
“The locally milled rice was not included in our 8 February MRP order. We have now included local rice as well so that our millers can now get a fair price. I also warn errant sellers who violate the MRPs,” said Minister of Industry and Commerce Rishad Bathiudeen.
The order was to be gazetted, and became effective as of midnight last night. It invalidates Gazette 2015/24 of 8 February. The order N.o 42, dated February 17, is issued by the CAA Chairman under section 20(5) of the Consumer Affairs Authority Act No 9. of 2003.
MRPs of three “imported” varieties of rice remains the same as priced in the previous Gazette, with the only addition being the prices of locally milled rice of the same three varieties.
According to yesterday’s order, new MRPs for Nadu, Raw Rice and Samba shall be as follows; MRP of a kilo of imported Nadu rice is Rs. 72 (unchanged), locally milled Nadu is Rs. 80, a kilo of imported Raw (Kekulu) rice is Rs .70 (unchanged), locally milled Raw is Rs. 78, and a kilo of imported Samba (excluding Keeri Samba and Suduru Samba) is Rs. 80 (unchanged) and locally milled Samba (excluding Keeri Samba and Suduru Samba) is Rs. 90 per kilo.
Minister Bathiudeen added: “More imports are arriving and the rice crisis is over. Still, consumers are requested to call our hotline 1977 to let us know of any errant rice sales anywhere in Sri Lanka. Up to 250 officers of the CAA are monitoring shops across the country.”
Consumers are invited to alert and complain to the CAA of errant traders on the hotline 1977 or even the CAA direct line 117755481-3.
