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Sunday, 6 October 2013

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Inflation drops in September

Inflation, as measured by the Colombo Consumers' Price Index (CCPI) (2006/07=100) computed by the Department of Census and Statistics decreased to 6.2 percent in September from 6.3 percent in the previous month, on a year-on-year (YoY) basis, mainly due to low food prices.

The annual average inflation rate also decreased further to 7.8 percent in September 2013 from 8.0 percent in the previous month, for the fourth consecutive month. Core inflation on YoY and annual average basis decreased to 3.0 percent and 5.7 percent, in September 2013 from 3.1 percent and 5.9 percent, in August 2013.

The CCPI decreased by 0.2 percent in September 2013 over the previous month, with the Index decreasing in absolute terms to 175.8 from 176.2 in August 2013.

The contribution to the monthly decrease in the Index came mainly from price decreases (by 0.5 percent) in the Food and Non Alcoholic Beverages sub-category. Within the Food category, the prices of almost all varieties of rice, vegetables, fresh fish, dried fish, chicken, potatoes, green chillies and big onions decreased during the month.

However, an increase in the prices of some varieties of fruits, coconuts, infant milk powder, eggs, red onions and lime was reported.

Within the Non-Food category, decrease in prices was reported in the sub-category of Clothing and Footwear (by 0.3 percent). However, there were price increases in the sub-categories of Housing, Water, Electricity, Gas and Other Fuels (by 0.1 percent); Furnishing, Household Equipment and Routine Household Maintenance (by 0.1 percent); Health (by 0.2 percent); Transport (by 0. 1 percent); Recreation and Culture (by 1.0 percent) and Miscellaneous Goods and Services (by 0. 1 percent).

Meanwhile, the prices in the sub categories of Communication and Education remained unchanged during the month.

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