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Inflation drops to its lowest level in five years

The point-to-point change in the Colombo Consumers’ Price Index (CCPI) dropped sharply to 2.9 percent in April from 5.3 percent in March.

Central Bank Governor Ajith Nivard Cabraal told the Daily News inflation dropped to 2.9 percent as projected by the Central Bank. This is the lowest level of inflation ever recorded since January 2004.

“This is mainly due to the tight monetary policy adopted by the Central Bank and the decline in commodity prices.

There was decline in the commodity prices in the international market,” he said.

The Central Bank expects that this trend will continue further, he added. In January, the point-to-point change in the CCPI was marked as 10.7 percent and the CCPI decelerated to a single digit level of 7.6 per cent in February 2009.

This is also the lowest rate recorded since February 2006. This trend continued in March with the CCPI dropping to 5.3 percent.

Sri Lanka’s inflation has fallen on tight monetary policy from late 2007 which allowed the country to benefit from an external deflationary environment.

Inflation reached this low level from a continued deceleration for the last 10 months from its peak of 28.2 recorded in June 2008. The annual average inflation rate also decelerated further and recorded 16.7 per cent in March 2009 from its level of 18.6 per cent in the previous month, a Central Bank release stated.

The CCPI decreased by 0.5 per cent in April 2009 over March 2009. This was entirely due to the decline in food prices, mainly rice, big onion, vegetables, coconut and dhal.

 

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