Fri, 29 Mar 2024 Today's Paper

February national inflation edges up on electricity and fuel price hikes  

22 March 2023 12:09 am - 0     - {{hitsCtrl.values.hits}}

A A A

National consumer prices edged up in February as non-food prices climbed on the back of the increase in electricity and petrol prices, which offset the persistent decline seen in food prices.  Consumer prices measured by the National Consumer Price Index rose by 53.6 percent in the twelve months to February 2022, firming up from the 53.2 percent in the period through January. 
 
Prices measured on a monthly basis rose by 1.1 percent in February from 0.7 percent increase in January. 
Overcoming massive opposition, the government managed to push through the second mega electricity tariff hike last month, with retrospective effect from the start of the year. Petrol prices were raised too, sending the transport sub-sector up. 

However, it appears that administrative price changes are almost completed and fuel prices are expected to see a notable downward revision in the next couple of weeks as global oil prices have declined to the lowest levels since late 2021. 

Energy Minister Kanchana Wijesekara yesterday said the fuel prices would be cut in April in response to declining global oil prices and the recent gains made by the rupee.

The non-food prices accelerated to 3.7 percent on a monthly basis and 57.4 percent on an annual basis in February from 1.1 percent and 52.9 percent in January.

Food prices continued to decelerate as monthly prices declined by 2.0 percent compared to 0.2 percent increase in January while the prices measured on an annual basis decelerated to 49.0 percent from 53.6 percent, falling below 50.0 percent levels in many months. 
 
Meanwhile, the so-called core inflation which measured the underlying inflation in the economy decelerated to 50.1 percent in February from 52.0 percent in January. 
 
 

Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

  Comments - 0

Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment





Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

VAT increase: SOUNDs death knell for publishers, readers

Though the Government imposed VAT (Value Added Tax) on vegetables and other e

How female change-makers are driving Sri Lanka’s energy saving platform

Saving energy has become more of a responsibility than a habit in today’s c

A dull Ramadan awaits Muslims amidst the Soaring Cost of Living

In the coming days, Muslims across the world will welcome the Holy Month of R

New wildlife underpass to curtail HEC

As of February 2024, Sri Lanka lost another 38 elephants as a result of the H