Sri Lanka’s national inflation picks up to 2.1-pct in May

ECONOMYNEXT – Sri Lanka’s national inflation picked up to 2.1 percent in May 2018 from 1.6 percent in April 2018, on a year-on-year basis, mainly driven by fuel and gas price hikes, the central bank said.

The National Consumer Price Index (NCPI), which is compiled by the Department of Census and Statistics (DCS), increased to 124.3 index points in May 2018 from 122.9 index points in April 2018, a statement said.

“The increase in the year-on-year inflation in May 2018 was mainly driven by upward price revisions to the items in the Non-food category.”

This was particularly in transport, given a fuel price hike, housing, water, electricity, gas and other fuels like kerosene oil, and in health sub-categories.

Price increases were observed in the items in the Food category such as vegetables, fresh fish, big onions, limes and potatoes owing to seasonal factors.

The NCPI measured on an annual average basis decreased from 6.1 per cent in April 2018 to 5.7 per cent in May 2018.

The NCPI core inflation, which reflects the underlying inflation in the economy, decreased to 1.7 per cent in May 2018 from 1.9 per cent in April 2018 on a year-on-year basis.

Annual average NCPI core inflation declined to 3.1 per cent in May 2018 from 3.3 per cent in April 2018.
(COLOMBO, June 21, 2018)

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