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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka's inflation accelerates to 9.5-pct in November

Sri Lanka's inflation accelerates to 9.5-pct in November

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Nov 30, 2012 (LBO) - Consumer prices in Sri Lanka's capital Colombo rose 9.5 percent in November 2012 from a year earlier, accelerating from 8.9 percent a month earlier, data from the state statistics office showed.

The Colombo Consumer Price Index rose 1.3 percent to 167.1 points during the month, with the food component in the index suddenly rising 2.4 percent.

The index which rose to 166.7 points in July following a sharp depreciation of the currency fell in absolute terms for three months in a row.

The rupee also gained with tighter monetary policy involving outright sales of its Treasury bills to mop up liquidity.

From October monetary policy loosened with the central bank printing and injecting large volumes of one month money into the banking system at around 200 points below market interest rates, halting the strengthening of the currency.

Government borrowing pressures, which eased with the sale of a sovereign bond in July has also started to hit credit markets.
http://lbo.lk/fullstory.php?nid=1159995692

sriranga

sriranga
Co-Admin
COLOMBO, Nov 30 (Reuters) - Sri Lanka's inflation rate in November surprisingly rose to a three-month high of 9.5 percent from a year earlier because of expensive vegetables and other food as heavy rain caused shortages, officials said on Friday.

Annual inflation reversed an easing trend and rose in November to a three-month high of 9.5 percent, from 8.9 percent a month ago, according to data released by the state-run Department of Census and Statistics.

"Prices of foods and vegetables were high as heavy rains hit their supply," said D.C.A. Gunawardena, head of Prices and Wages Department at the state-run Statistics Department.

Annual average inflation, measured on a 12-month moving average basis, picked up for the sixth straight month to 7.2 percent from 6.8 percent in October.

Central Bank Governor Ajith Nivard Cabraal said last month the annual inflation may slow to between 8.0 and 8.5 percent by the end of 2012.

Heavy rain followed by some flooding in some major farming areas have hit the food supply. Annual inflation hit a 42-month high of 9.8 percent in July after months of drought.

Analysts however said imported inflation remained a major concern.

"This trend will continue until December with the seasonal demand. But it will ease in January once the seasonal demand has

dried up," said an analyst at a Colombo-based private bank on condition anonymity as he is not authorised to talk to media.

Though the Sri Lankan rupee appreciated about 0.15 percent against the U.S. dollar this month, it has fallen 15.2 percent since November 2011 and 12.5 percent this year.

Sri Lanka has to import most of its consumer goods and all of its oil needs.

The central bank kept key policy rates at three-year highs in November to fight demand-driven inflation.

The central bank has raised its key policy rates twice since February, allowed a flexible exchange rate and limited this year's credit growth to prevent twin deficits in trade and the balance of payments.

(Reporting by Shihar Aneez and Ranga Sirilal; Editing by Robert Birsel)

((shihar.aneez@thomsonreuters.com)(+94-11-232-5540)(Reuters Messaging: shihar.aneez.thomsonreuters.com@reuters.net))

http://www.cnbc.com/id/50023275

http://sharemarket-srilanka.blogspot.co.uk/

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