Sri Lanka curbs inflation
COLOMBO/ISLAMABAD: Sri Lanka curbs inflation to a low level, 6.2% in the month of July 2023. The Department of Census and Statistics of Sri Lanka reported a decline in the Consumer Price Index to 6.2% in July 2023. Last year, the inflation stood at 12%.
Notably, first time Sri Lanka has recorded single-digit inflation since September 2021 when it was 5.8%. It is in sharp contrast to the highest inflation recorded at 69.8% in September 2022.
In addition, core inflation, which excludes volatile items, eased to 6.1% YoY compared to 9.1% in the previous month.
The CCPI for all items in July 2023 was 190.2, showing a decrease of 2.1 index points.
The data also revealed that food inflation declined to 1.4% in July for the first time since 2019.
Similarly, inflation for non-food items decelerated to 10.5% from 16.2% in the previous month.
The CCPI is an economic indicator constructed to measure inflation, defined as a percentage change in CCPI over the year. There are two measures of inflation in general use.
The price collection of the index (Base 2021=100) has covered 10 price collection centers. The centers are located in Peliyagoda, Maradana, Wellawatta, Dematagoda Grandpass, Kirulapone, Nugegoda, and Rathmalana.
Weekly inflation in Pakistan surges further
Meanwhile, the Pakistan Bureau of Statistics reported a three percent surge in the weekly inflation rate. Many essential commodities experienced a sharp upward trend in prices in the third week of July 2023.
Economists and policymakers raised concerns as the inflation rate on an annual basis reached a staggering 29.21%.
During the previous week, the prices of 20 essential commodities significantly increased, impacting the daily lives of citizens.
For instance, sugar prices surged from 135 to 160 rupees per kg in different cities. Similarly, the cost of live broiler chicken surged to an astonishing Rs580 per kg. It amounts to a 60% increase from the previous week’s Rs361 per kg.
Other household staples like eggs, tomatoes, chilies, garlic, potatoes, onions, and jaggery faced notable price hikes, squeezing the budgets of consumers.
Utility costs, including electricity and LPG rates, also saw an increase.
