The year on year inflation (YoY) has increased in August according to the Department of Census and statistics.
The inflation as measured by Colombo Consumer Price Index (CCPI) was 6% in August 2017 and inflation calculated for July was 4.8%.
YoY inflation of Food Group too has increased from 4.8% in July to 6.9% in August 2017 and that of non food Group has increased from 4.7% to 5.7% during this period.For the month of August 2017, on year to year basis, contribution to inflation by food commodities was 2.07%. The contribution of Non-food items was 3.96%.
This was mainly due to value change increases in groups of ‘education’ (0.90%), ‘health’ (0.55%), ‘transport’ (0.46%), ‘miscellaneous goods and services’ (0.44%), ‘communication’ (0.43%), ‘alcoholic beverages tobacco and narcotic’ (0.36%), ‘furnishing household equipment’s & routine household maintenance’ (0.36%), ‘restaurants & hotels’ (0.34%), ‘clothing and footwear’ (0.11%), ‘recreation &culture’ (0.03%) and value change decrease in group of ‘Housing, Water, Electricity, Gas and Other Fuels’ (0.02%) .
The moving average inflation rate for the month of August 2017 was 5.5%. The corresponding rate for the month of July was 5.4%. Meanwhile the CCPI for all items for the month of August 2017 was 118.8 and it records a decrease of 0.6 index points or 0.45 percentage points compared to the month of July 2017 for which the index was 119.4.
This represents a decrease of expenditure value by Rs.324.76 in the “Market Basket”.
Contributions to the decrease in CCPI from July to August 2017 in the index point by 0.45% was due to the decrease of Food and non-alcoholic beverages items by 0.79% and increase of Non Food items by 0.34%.
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