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Aug 01, Colombo: Figures released by Sri Lanka Central Bank's Department of Census and Statistics on Monday showed that the annual average inflation in August fell to a single digit of 8.5 percent from a 10.4 percent in July.
Annual average inflation dropped since last October after a record high of 23.4 percent.
Country's consumer prices rose only 0.9 percent in August hitting the same low as in June after a slight rise in July of 1.1 percent. The decline continued from a high of 28.2 recorded in June 2008.
The Colombo Consumers' Price Index (CCPI) fell slightly to 208.1 from 208.7 in July.
The low inflation rate will allow the Central Bank to reduce the interest rates even further. The Bank attributes the low inflation rates in 2009 to its tight monetary policies and global reduction of commodity prices.
Food prices have fell recently due to the harvest from North and East that were formerly embroiled in a decades-long war. Sri Lanka is enjoying an improved economic outlook following the end of the war.
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