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Leading News from Sri Lanka ::
Dec 30, Colombo: Sri Lanka's annual average inflation rate declined to a record six-year low of 3.4 percent in December, from 4.1 percent in the previous month, the Central Bank reported today.
However, according to the Department of Census and Statistics data released today the rate of inflation, on a year on year basis, increased to 4.8 percent this month from 2.8 percent in November as consumer spending in the country increased ahead of the holidays.
The Governor of the Central Bank Ajith Nivard Cabraal said last month the he expects the consumer prices to rise as much as 5 percent towards the end of the year. Inflation rate between 5-6 percent is expected in next year.
Consumer's Price Index increased marginally by 1.2 percent over previous month's, with the Index moving upward to 213.5 from 211.0 in November, 2009.
The inflation rate has been declining continually this year from a peak at 28.2 percent in June 2008 due to high global food and oil prices.
The Central Bank expects to continue its tight monetary policies to keep inflation below 10 percent while sustaining an economic recovery.
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