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Inflation increases in August

Inflation, as measured by the Colombo Consumers' Price Index (CCPI) (2002=100), computed by the Census and Statistics Department, increased to 5.0 percent in August 2010, on a point-to-point basis, as anticipated, from 4.3 percent in July, mainly due to the lower base in August 2009.

This increase came after five consecutive months in which inflation declined.

Meanwhile, the annual average inflation registered a marginal increase to 4.5 percent in August from 4.2 percent in the previous month, as a result of the price developments in the preceding twelve month period.

However, the core inflation, which measures the price movement of non-food and non-energy items of the CCPI basket, decreased to 5.5 percent in August from 5.9 percent in the previous month on a point-to-point basis, while the annual average core inflation stabilized at 6.3 percent for the third consecutive month.

The contribution to the monthly increase of 0.5 percent in the Index originated from price increases in the sub categories of Clothing and footwear (1.2 percent); food and non-alcoholic beverages (0.8 percent); recreation and culture (0.3 percent); housing, water, electricity, gas and other fuels (0.2 percent); health (0.2 percent); furnishing, household equipment and routine household maintenance (0.1 percent); and miscellaneous goods and services (0.2 percent). Seasonal decreases in prices of most varieties of vegetables, rice, potatoes, red onions and the reduction in gas prices were more than offset by the increase in prices of some varieties of fish and sea food, meat, milk powder, bread, wheat flour, meals bought from outside, fruits and garments. Meanwhile, prices in the sub categories of transport, communication and education remained unchanged during the month.

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