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The Sri Lankan Central Bank blamed the January-February floods for the marginal increase in inflation in February. Food prices have shot up in the past few months, and the Bank acknowledged that price increase was “registered for vegetables, rice, coconut, coconut oil, red onions and chillies.”
“The annual average inflation, as measured by the Colombo Consumers' Price Index (CCPI) (2002=100), computed by the Department of Census and Statistics, increased marginally to 6.1 per cent in February from 6 per cent in January 2011. However, on a year-on-year basis, inflation increased to 7.8 per cent as anticipated, mainly due to the increase in prices of the most varieties of vegetables…” the Bank said in a statement.
The Bank expects the increase in prices of food items to be transient. Once the supply side is back on its feet the pressure on food prices will ease, it has predicted.
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