Consumer prices in the 12 months to Feb galloped ahead to top 15.9%, the highest levels seen since May 2001

Continuing last year’s rising price trend, Sri Lanka’s inflation continued to gallop away topping 15.9 percent in February, up from 14.6 percent in January, the Census & Statistics Dept said Monday. Continuing last year’s rising price trend, Sri Lanka’s inflation continued to gallop away topping 15.9 percent in February, up from 14.6 percent in January, the Census & Statistics Dept said Monday. The seasonally adjusted annual average jumped to 10.1 percent from 8.8 percent in January, signaling that the economy is still feeling the pinch from price hikes in fuel, electricity, gas and transport.

“The increase in the Colombo Consumer Price Index (CCPI) is due to increase in prices of beef, most varieties of fresh fish, eggs, some varieties of vegetables and betel & Arecanuts. These price increases can be mainly attributed to short supply of locally produced agricultural consumer goods to the main markets in Colombo City,” the Census Board said in a statement.

“It’s a big jump in recent times and is slightly above our expectations,” said Channa Amaratunga, Economist at Asia Securities.

“We anticipate CCPI inflation to rise further in the short-term amidst agricultural product shortages, w