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| Monday, 1 September 2003 |
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Consumer prices in August followed the normal seasonal pattern where prices in general tend to fall over the previous month. The drop in the overall CCPI index in August 2003 was greater than the historical average decline observed for August. These price developments mark a further moderation of inflation observed thus far during the year and signal a considerably lower annual average inflation rate than the previous year by the year end, states a Central Bank press release. The Colombo District Consumer Price Index (CDCPI), computed by the Central Bank of Sri Lanka, of the lowest 40 per cent of income earning households, covering a wider geographical area, i.e., Colombo district, decreased by 0.5 per cent in August. The point to point increase of the index was 1.2 per cent, higher than 0.6 per cent in July. The annual average change of the index dropped further to 3.5 per cent compared to 3.9 per cent last month. The Colombo Consumers' Price Index (CCPI), the official measure of price changes within the Colombo Municipality for the lowest 40 per cent of income groups published by the Government Department of Census and Statistics, registered 3291.7 in August, indicating a decrease of 2.5 per cent over the previous month. The index in August 2003 when compared with August 2002 (the point to point change) increased by 3.7 per cent,which was higher than 3.4 per cent seen in July 2003. The annual average increase of the index dropped further to 7.8 per cent in August from 8.3 per cent in July 2003. The food category, which has the highest weight, was the main contributory factor for the decrease in the CDCPI in August. Prices of most varieties of rice, coconut and coconut oil, most vegetables and leafy vegetables, chicken and eggs, Maldive fish and most varieties of fish, potatoes, red onions and dried chillies dropped during the month. Prices of most varieties of fruits and condiments and big onions registered price decreases during the month. |
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