Inflation drop a result of reduced consumption - SJB

3 June 2023 05:39 am - 21 - {{hitsCtrl.values.hits}}

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Responding to President Ranil Wickremesinghe's televised address to the nation on the economic progress and way forward on Thursday , Samagi Jana Balawegaya (SJB) MP Harshana Rajakaruna said yesterday that inflation had dropped as a consequence of reduced consumption but not an economic achievement.

He was responding to the president who referred to the inflation coming down from 70 percent to 22.5 percent. “There is no economic progress as claimed by the President who said the reduction of inflation is a sign of economic stability.

Inflation has come down to 22. 5 percent sole due to the reduction of consumption,” he said. “The President spoke of four pillars of economic progress which included fiscal and financial reforms, investment drive, social protection and governance and state owned enterprises transformation. Corruption should be curbed and those who commit economic crimes dealt with in in order to ensure financial and fiscal reforms.

Some of those in the government is disturbing the investment drive by demanding commissions from investors. The- 20 kilo rations of of rice are distributed by the government MPs among their favourites while profit making state enterprises are being sold to close associates of the government. One wonders as to how the government is to going to build up the economy on four pillars under such circumstances,” the MP said.

At the same time the SJB MP sounded the alarm on the proposed Broadcasting Authority Bill saying that it is aimed at subjugating the media.

“The sole effort of the proposed Bill is to get the media to publish only what the government wants . There will be no media freedom in such a situation,” he opined. (Yohan Perera)

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Comments - 21

Chathura Saturday, 03 June 2023 06:43 AM

Look whose talking like Cabraal now!

Sambo Saturday, 03 June 2023 06:54 AM

Inflation drop is because the people are starving nad no money to purchase nothing.

Tilak Saturday, 03 June 2023 07:36 AM

This guy is out of his depth. Does not seem to understand the basics of economics, or merely frabricating stuff to dish out on gullible audiences. Pitty that his statements were not challenged by the audience.

Ranjith Perera Saturday, 03 June 2023 07:38 AM

Statistic has no meaning for people unless it is felt by people in their day to day life.The truth is that we are able to buy lesser and lesser goods and services of our daily needs in our life.We are becoming more and more debtors to multilateral agencies and domestic creditors in order maintain current very lower level of consumption.Nobody has performed any miracles, although politicians claim credit to that.

Daya Weerasinghe Saturday, 03 June 2023 07:46 AM

Unfortunately these politicians do not understand the true situation. When a country is bankrupt the only way to come out of it is to shrink the economy, cut down consumption and start from scratch. We have come out from the worst phase. we need to get on with it.

Hiran Saturday, 03 June 2023 08:22 AM

Young Harshana has a degree in management from the University of Nottingham and an MBA from the University of Wales, Cardiff. I would serve him well to employ those learning when making such statements. Yes, demand is down significantly, but that is a lever to mop up inflation.That is taught in Economics 101.

Walter Perera Saturday, 03 June 2023 08:26 AM

Cost of living us is still enormous except for a small reduction in vegetable prices, fish and poultry price remain same, so is the milk powder.That vociferous Asela Sampath who does the 1000 talks to increase prices is always dumb and deaf for price decreases. Your excellency don't fall prey to the rosy pictures painted by the coterie of advisers around you.The ground level situation is totally different as the SJB correctly points out , it's drastic drop in consumption! Nepotism rampant, corrupt ministers and officials still thrive, nothing s changed ! At this rate hope the masses wouldn't start cursing you too soon. Yes fuel availability is only a small victory

Grace Saturday, 03 June 2023 08:52 AM

If the inflation has dropped, why was the electricity tariff increased beyond affordability why did prices of vegetables, fish and poultry products increased beyond imagination? Ranil is not people's president but 134 self seeking MPs president. Better address to a flock of birds.

We will sleep peacefully Saturday, 03 June 2023 08:54 AM

If the sole purpose of the so called Bill is to muffle the media, so much the better. Then we don't have to read your howling sound.

Citizen Saturday, 03 June 2023 09:32 AM

Hope Nandalal Weerasinghe is doing a sincere and honest job and not dancing to the tune of the Government !

DOT Saturday, 03 June 2023 09:37 AM

God bless SJB!

Praboda Saturday, 03 June 2023 11:08 AM

Inflation is the % increase compared to one year ago. Reduced inflation does not mean that pricies have come down. Rather that the rate of price increase compared to an year ago has come down. Negative inflation would mean that prices have reduced. What has been achieved is that the rate of price increases has been arrested and appears to be coming under control. Had this not happended the hardship would have been even greater. It is good that attention was paid to the issue and drastic action were taken. We do not want what has happened in some other countries to have happend here. Eg. like Zimbabwe, Venezuala and Sudan which all have experienced inclfation at greater than 150% lately! We are all hurting, but we need to consider the alternative had what has been done, not been done.

Jonathan Saturday, 03 June 2023 11:09 AM

Inflation is down for whatever reason. So why is he getting agitated? Should be happy.

K. Ranaweera Saturday, 03 June 2023 11:56 AM

People are passing the day without a square meal as they are devoid a penny in hand then gov. says inflation is down, what a joke.

K. Ranaweera Saturday, 03 June 2023 12:05 PM

In near future government definitely says now we solved unemployment problem in Sri Lanka. When so many employed people resigned and left the country with sheer frustration after having been filled those vacancies.

Ranjith Cabral Saturday, 03 June 2023 01:11 PM

Increasing policy rate is the mechanism to reduce/ deter consumption which is monetary policy tool.

Sampath Saturday, 03 June 2023 01:13 PM

That is the idea pol pot. Thats why CB increase the interest rate to reduce the consumption. This is the problem when people like you doing politics.

Bernard Jayatilake Saturday, 03 June 2023 05:53 PM

Inflation has dropped as all those who voted for the ex-ruler and the current government are not eating but licking as their contribution to bring down the cost-of-living to sustain the present ruler to boast about the economy by citing various economic theories.

Gamunu wijesinghe Saturday, 03 June 2023 08:14 PM

One reason for hyperinflation is excessive consumer activities. This is an accepted fact globally. To avoid inflation run out of control countries with good economic strategies increase taxes and interest rates to dampen demand. So this guy needs to study more before making such comments

Gamini Monday, 05 June 2023 09:48 AM

Aiyo, SJB losers They want people to suffer so that they can capture power on our hungry stomachs

Jayasenao Monday, 05 June 2023 09:53 AM

Well said Mr. Rajakaruna, you understand more than the so call President of this country

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Inflation drop a result of reduced consumption - SJB

Comments - 21

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