Sri Lanka’s CCPI inflation up in January amid base year revision

Jan 31, 2017 (LBO) – Consumer prices in Sri Lanka’s capital Colombo accelerated to a six-month high of 5.5 percent in January 2017 from a year earlier, up from 4.5 percent in December, the state statistics office data showed.

The moving average inflation rate for the month of January was a high of 4.3 percent and the corresponding rate for the month of December was 4.0 percent.

The statistics office said from this month onwards it has revised the base year from 2006/07=100 to 2013=100 in order to accommodate the changing expenditure patterns and to incorporate changes of goods and services available in the market.

Year on year inflation of Food Group has increased from 4.1 percent in December to 4.5 percent in January and that of Non-food Group has increased from 4.5 percent to 6.0 percent during this period.

For the month of January 2017, on year to year basis, contribution to inflation by food commodities was 1.31 percent while the contribution of Non food items was 4.25 percent.

The CCPI for all items for January 2017 was 116.1 and it records an increase of 1.4 index points or a percentage of 1.2 compared to December 2016 for which the index was 114.7.

This increase represents an expenditure value of 880.13 rupees in the “Market Basket”.

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