Inflation drops to single-digit levels in July

31 July 2023 04:04 pm Views - {{hitsCtrl.values.hits}} 28 Bookmark

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The headline inflation in Colombo district as measured by the Colombo Consumer Price Index (CCPI) reached single-digit levels to 6.3 percent in July, easing from 12 percent in June.

The sharp reduction in headline inflation is largely a result of high statistical base effect stemming from last year and the sharp deceleration in non-food inflation.

Food inflation in July was -1.4 percent against 4.1 percent in June and the non-food inflation was 10.5 percent against 16.2 percent in June.

Core inflation in July was at 6.1 percent.

Comments - 28

Nimal Monday, 31 July 2023 04:20 PM

cream cracker comes under food inflation or anything else, still at 500G at 490, this country is a joke

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Dee Monday, 31 July 2023 04:55 PM

Wow! Good to know of people whose staple food is cream crackers.

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Fazil Ahamed Monday, 31 July 2023 04:22 PM

egg still at 54-57 rupees, what type of economic justification is this, crooks

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Prithiviraj De Silva Monday, 31 July 2023 04:36 PM

So if a product was RS 100/ in June 2021 and increased to Rs in 170/ in June 22, then inflation is 70%. Then price increases from 170/ to 200/ in June 2023 inflation is only 17% and everyone is living happily ever after!

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Daya Monday, 31 July 2023 04:40 PM

Dreamers inflation..... What a joke, the essential prices are still high, few percentage less than 2022 and how come the inflation is in single digit??

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Cineha Monday, 31 July 2023 04:43 PM

It didn't drop.....its being pulled down artificially......sic....

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shihan Monday, 31 July 2023 04:45 PM

Inflation means the speed of the cost of living rising. Does not mean the cost of living presently. What had already increased in price stands steady and the increasing trend has slowed down or stopped. That is what is means by the news. Yes the cost of living is still high but the speed of prices increasing in month on month basis has been controlled.

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Gamaya Monday, 31 July 2023 05:08 PM

Way things are going inflation will be 0%, but people will still be struggling to make ends meet. Looks like the Central Bank is changing numbers the same way they painted a nice picture before all this.

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Sokrates Monday, 31 July 2023 05:32 PM

This calculation is pure eyewash. In order not to deceive the population, as is the case here, one always has to calculate not only for the one year difference but also how much the inflation still is since it was before the officially high inflation rate of 70% (real inflation was than about 130%). If prices will approach pre-inflation levels, negative year to year inflation (deflation) would be necessary.

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Amks Monday, 31 July 2023 05:40 PM

Inflation refers to a broad rise in the prices of goods and services across the economy over time, eroding purchasing power for both consumers and businesses. In other words, your rupees will not go as far today as it did yesterday. This rate of change is now 6.3% compared to over 70% a year or so ago. That’s an excellent achievement!

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Mahendra Fernando Monday, 31 July 2023 05:41 PM

Why am I still going hungry then?

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Rubasin Piyasena Monday, 31 July 2023 06:11 PM

Inflation is the rate of increase in price. Can be visualised as the speed of a car moving down a slope. What the central bank has done is apply brakes to slow down to avoid a disaster. Now, it is very slow, but still moving. If inflation becomes zero, it is like parking this car by the roadside. What we experience now is a bad condition, but not becoming worse. This stable condition is good for small businesses because they can at least plan and work.

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Citizen k Monday, 31 July 2023 06:48 PM

For the common man when inflation is down means the prices have come down where the common citizen's purchasing power increases . at existing levels and the price has not increased since last month or a marginal increase It looks good on paper but not for the man on the street.

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Prema muhandiram Monday, 31 July 2023 06:56 PM

itemise prices of all items considered for the calculation with the date of data collections and location should be published to judge the validity of the value

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Sambo Monday, 31 July 2023 07:10 PM

God only knows how they make these statistics without having any market surveys. According to the central bank the cost of living is down to a single digit but when you go to buy the goods you know the true picture.

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Jayantha Monday, 31 July 2023 07:17 PM

Inflation is the increase in prices since an year ago. 6% inflation means that prices have increased by 6% from August 2022. Inflation has to be negative (-) if prices are to be coming down (deflation) The reduced inflation of 6% means that the inflationary situation has been brought arrested and the situation steadied, not that prices have been brought down. It is a significant achievement when compared to countries like Venezuela, Argentina, Zimbabwe, Lebanon etc. who were unable to bring inflation under control and entered a state of runaway inflation.

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Bernard Jayatilake Monday, 31 July 2023 07:24 PM

But sadly for the information of those who issue such statements, no such price drops have been recorded in all essential items in the open market.

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Citizen Silva Monday, 31 July 2023 07:26 PM

What a country we are living in, you can't even buy eggs. No supermarket in Colombo has eggs to sell. What a state we are in

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sss Monday, 31 July 2023 07:40 PM

Of course it has to come down. For e.g milk power before mega inflation was 400 and now 1200 Inflation at 10% (when it was 400) is same as inflation at 3.3% (when it is 1200)

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Charles Monday, 31 July 2023 07:45 PM

In April '22 governor's reason for high interest rates was inflation. Wonder what his story is now.

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Citizens Monday, 31 July 2023 08:48 PM

Who are these people trying to cheat?? It's still a hand to mouth existence for the majority of the people. More than half the nation cannot afford 3 meals a day, cannot afford to buy not only food but even medicines and we are talking about "needs" and not "wants"! Why are we paying for the sins of others who are responsible for this situation, when those "others" are still enjoying life! When will this misery/injustice/cheating end?

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Mahesh Tuesday, 01 August 2023 12:29 AM

We are aiming for a -10% deflation because our economy is running super strong

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Kaputa Tuesday, 01 August 2023 02:52 AM

Single digit inflation means we have become a developed nation. Congratulations to those who are still limited to a single meal as a habit and few days away from bankruptcy. If anyone who knows how to cook books its the Sri Lankan politicians.

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Ranjit wijesinha Tuesday, 01 August 2023 03:16 AM

cooking the books. Distorting the figures. A joke

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Kondum Pala Tuesday, 01 August 2023 05:26 AM

SL never had any issues with inflation or money problem! This is the world Best country with great, honest and patriotic politicians! This justifies the assumption to show to the world.

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Sambo Tuesday, 01 August 2023 07:58 AM

This amount is inside the parliament or central bank.

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roni Tuesday, 01 August 2023 09:06 AM

Its a Cabarrala calculation. A pound of bread is still 150 .Central Bank joker appears to have crash landed to this country from another planet, if he was here in early 22, and consuming the same food now as then he would realize the direction of inflation.

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Miktham Tuesday, 01 August 2023 10:15 AM

now say single digit but market prices still remain high value. now most think get out from sinful island

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