Sri Lanka August inflation falls to 24.9-pct

Author lbostgadmin | Posted on August 29, 2008 | Economy

Aug 29, 2008 (LBO) – Consumer prices increases in the Sri Lankan capital Colombo fell to 24.
9 percent in the 12-months to August from 26.
6 percent in July, government statistics showed.
Sri Lanka’s Central Bank has kept monetary policy tight from the beginning of the year under a strict reserve money targeting regime, which was further tightened mid-year.

The statistics office said a revised Colombo Consumer Price Index (CCPI) remained flat in the 30-days to August. In July the index grew by only 0.
2 percent.

Central Bank deputy governor W A Wijewardene told a public seminar Thursday that inflation would continue to moderate over the coming months and vegetable and fish prices had fallen rapidly from their highs.

The food sub-index of the CCPI Index fell to 217.8 points in August from 218.6 points July. In June the food index hit 222.
0 percent. The annual average of the index, which is averaged over 24 months and is a lag indicator, continued to move up to 22.
6 percent from 21.9 percent in July.