Sri Lanka’s Central Bank Governor expects that the Colombo Consumer Price Index (CCPI) will start falling down from this month and to follow a disinflation path in the period ahead.
"We expect CCPI at the end of the month to be lower than what we saw in the last month,"Governor Nandalal Weerasinghe said.
"That trend we expect to continue towards december and also January onwards because we maintained tight monetary conditions.
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Headline inflation, based on the CCPI, edged up in September 2022, driven mainly by the recent revision of electricity and water tariffs and the increase in Value Added Tax (VAT).
However, headline inflation is expected to follow a disinflation path in the period ahead.
Subdued aggregate demand pressures resulting from tight monetary and fiscal conditions, expected improvements in domestic supply conditions, normalisation in global food and other commodity prices, and the timely passthrough of such reductions to domestic prices, along with the favourable statistical base effect, will be instrumental in bringing down inflation over the medium term.