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Wed, 26 November 2014 05:41:03
Sri Lanka's inflation 9.8-pct in February 2013
28 Feb, 2013 15:25:22
Feb 28, 2013 (LBO) - Sri Lanka's consumer prices rose 9.8 percent in February 2013 from a year earlier, with the index rising 0.4 percent during the month, the state statistics office said.
Inflation was also 9.8 percent in January.

The state statistics office said food and non-alcoholic beverages rose 0.6 percent and non-food items rose 0.2 percent during the month. During the 12-months food prices rose 12.9 percent in the 12-months and non-foods rose 7.2 percent.

Sri Lanka's central bank cut policy rates by 25 basis points in December to 7.5 percent and 9.5 percent but kept them steady in January and February. In 2012 the rupee depreciated.

The International Monetary Fund has asked authorities not to cut rates until inflation begins to fall.

The Central Bank is expecting rates to fall after March.

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READER COMMENT(S)
3. perfect Mar 01
Price index compiled by the DCS has a lot of credibility. If the price index is cooked up and distorted, the IMF would have publicly commented on it. Recently IMF declared that Inflation and GDP statistics of Argentina was unreliable and inaccurate. The fact that no such declaration has been made proves that the consumer price index is reliable and trustworthy contrary to the proclamations of pseudo economists in LBO.
2. Siripala Feb 28
The State Statistics Office has less credibility than a demented frog. Inflation in SL is currently in excess of 15%. Ask the man in the street. The experts are far too removed from the rest.
1. Ananda Ariyarathne Feb 28
This is complete madness.Can you ever find an example for the real value of rupee staying at least stable if it did not gain ?

After the Korean Boom, this country had a steady erosion in actual rupee value.Therefore, it was naturally a case of ' Open or Direct' or else 'Indirect Devaluation.

That is the other side of the same story.We are talking about ' Inflation '. The ' Role of Central Bank 'is no more that of a regulating authority. What it does is simply '

Clueless Reporting 'through glorified ways in pompous environments using 'jargon' many of them do not understand to scare off the simple minds.

What the country needs is an all out export campaign to build up and through import substitution to strengthen foreign exchange reserves.

If our rupee is in an ever increasing trend our imports will not be a burden.

This simple truth cannot be understood by the Head of the Central Bank and at least by the Secretary of the Ministry of Finance.

It is high time all start thinking about that option now.Best example is India.Go back to few decades in the Indian scene.Before they started their export boom, where was their Rupee ? Ask anyone who visits India. With the second largest population in the world, they have done it.They are so aggressive in export they have deprived Sri Lanka of the opportunities Sri Lanka had. That was because , the regulators I mentioned were sleeping. Who else should be held responsible ?So, talking about inflation is just pointless.