Rising Expectations

Sri Lankas inflation rate for June shifted up to 3.9 percent on the back of rising prices of essential goods like rice, red onions, potatoes and vegetables.
The Census & Statistics Dept said Wednesday that the Colombo Consumers Price Index or CCPI had touched 3,672.8 from 3,598.2 recorded in May this year.rn

rnCommenting on the data, the Census & Statistics Dept. attributed the price hikes to a short supply of consumer goods to the main markets in Colombo City. However, prices of sugar, coconut oil, fresh fish and dried fish have dropped in June. rn

rnPrices of most consumer and petroleum products are under severe pressure due to a higher oil bill. Officials from the Power & Energy Ministry said they have already spent US$ 1.2 bn this year to import crude oil. Ceylon Petroleum Corp. usually spends around US$ 750 mn to import crude oil.rn

rnAfter a long spell of a gradual drop, this is the first time CCPI has moved up on a month by month basis since February this year.rn

rn”We anticipate CCPI in