Saturday, 04 April 2020 16:01

Sri Lanka’s Inflation declines 5.4 per cent in March

Colombo Consumer Price Index( CCPI) based headline inflation (Y-o-Y) declined to 5.4 per cent in March 2020 from 6.2 per cent in February 2020, due to the decline in the prices of items in the Food category.

Meanwhile, Food inflation (Y-o-Y) and Non-food inflation (Y-o-Y) recorded at 12.5 per cent and 2.5 per cent, respectively, in March 2020.

Weekly AWPR for the week ending 03rd April 2020 decreased by 05 bps to 9.24 per cent compared to the previous week.The reserve money increased compared to the previous week mainly due to the increase in currency in circulation

The total outstanding market liquidity was surplus of Rs. 69.139 bn by end of the week, compared to a surplus of Rs. 57.852 bn by the end of last week uring the year up to 03rd April 2020 the Sri Lanka rupee depreciated against the US dollar (4.9%).

Given the cross currency exchange rate movements, the Sri Lanka rupee appreciated against the pound sterling (0.8%) and the Indian rupee (1.9%) while depreciating against the euro (1.8%) and the Japanese yen (5.6%)during this period

The gross official reserves were estimated at US dollars 7,938.2 million as at 28th February 2020.

During the period under review (28.03.2020 to 03.04.2020), crude oil prices showed a mixed performance. In the beginning of the week, oil prices showed a declining trend amid Saudi Arabia-Russia price war and high crude inventories of the U.S.

However, prices increased later due to hopes that the discussion between the U.S with top global crude producers to cut their output and reverse the declining trend in oil prices amid COVID-19 pandemic would be successful.

Overall, Brent and WTI prices recorded an increase by US$ 5.89 per barrel and US$ 3.36 per barrel, respectively, during the period.

(LI)

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