Despite various measures announced by the government, there is no sign of any revival in the Sri Lankan economy which has continued its sharp decline since March.
Inflation is still rising despite a slight decline in July 2020 compared to previous month, job losses spreading across sectors and the economy continuing to contract, economic analysts said.
Sri Lanka’s nationwide inflation in July 2020 determined under the National Consumer Price Index (NCPI) declined to 6.1 percent from 6.3 percent recorded in June 2020 on a year-on-year basis, the Department of Census and Statistics reported Friday.
The NCPI for all items for the month of July 2020 remained unchanged at 137.3 from the previous month.
Year‐on‐Year inflation of food group has decreased from 13.6 percent in June 2020 to 12.9 percent in July 2020 while that of non‐food group has increased from 0.8 percent to 1.0 percent during the month.
On Year‐on‐Year basis, contribution of food commodities to inflation was 5.55 percent in July 2020 compared to that of July 2019. Contribution of non‐food items was 0.54 percent.
The moving average inflation for the month of July 2020 is 5.9 percent. The corresponding rate for the month of June 2020 was 5.6 percent.
(LIN)