Inflation as measured by the change in the National Consumer Price Index (NCPI) (2013=100) has increased to 4.8 per cent in November 2015, compared to 3.0 per cent recorded in October 2015, on an year-on-year basis, the Department of Census and Statistics (DCS) said yesterday.
Although since 1953, the Colombo Consumers’ Price Index remained as the official price index in Sri Lanka, and rebased subsequently in 2002 and 2006/07, the DCS released a new consumer price index on November 23, 2015 citing that the Colombo Consumer’s Price Index (CCPI) (2006/07=100) covered only the behavior of prices observed in the Colombo urban areas.
Accordingly, the NCPI increased by 2.6 per cent from October to November 2015.
“This monthly increase was mainly due to the increase in prices of the items in the Food and Non Alcoholic Beverages category. Prices in Clothing and Footwear; Furnishing, Household Equipment and Routine Household Maintenance; Transport; Health; and Miscellaneous Goods and Services categories also increased during the month. Prices of Alcoholic Beverages, Tobacco and Narcotics; and Housing, Water, Electricity, Gas, and Other Fuels categories decreased. Meanwhile, prices of Communication; Recreation and Culture; Education; and restaurants and Hotels sub groups remained unchanged on average,” the DCS said.
The National Consumer Price Index (NCPI), which replaces CCPI (2006/07=100), is computed covering all provinces in the country.
“The compilation of the NCPI is in line with internationally accepted practice to rebase consumer price indices periodically to reflect more recent changes in the patterns of consumption and expenditure with a broader coverage. The item list and quantities consumed in the NCPI are based on consumption information collected from the Household Income and Expenditure Survey (HIES) conducted from July 2012 to June 2013 covering all nine provinces in Sri Lanka, constitutes of 407 items,” the DCS said.