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| Friday, 20 December 2002 |
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The annual average inflation is expected to drop below 10 per cent by the end of 2002 according to the Central Bank. Falling inflation was registered by all available Consumer Price Indices (CPI's), alluding the Sri Lanka Consumer Price Index (SLCPI), a Central Bank news release stated. It said: Price development in October followed the seasonal patten where, when the impact of the Yala agricultural season nears its end, domestic food prices tend to rise in the following months. The rise in the food and fuel prices were the main contributory factors for the overall increase. However, overall price developments throughout the period up to October suggest that the declining trend in inflation will continue. Falling inflation was registered by all available Consumer Price Indices (CPIs), including the Sri Lanka Consumer Price Index (SLCPI) with a broader geographical and expenditure group coverage. Overall, the monthly increases in the CPIs ranged from 0.2 per cent to 1.3 per cent and were lower than the average seasonal increase, except for the SLCPI. As in the previous month, the prices of food items, which represent more than sixty per cent of the total weight across all CPIs, were a main contributory factor for overall price changes. Revision of fuel prices was the other contributory factor. Food sub indices of all CPIs rose within a range of 0.1 per cent and 1.7 per cent. The point to point increases in October 2002 were significantly lower than in the corresponding month of the previous year. Thereby resulting in a continuation of the general decline seen in the annual average inflation over recent months of October as well. On the basis of data available at present, the annual average inflation, as measured by the CCPI is expected to be lower than 10 per cent, by end 2002. |
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