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Inflation edges up as vegetable prices soar

In accordance with the weekly indicators issued by the Central Bank of Sri Lanka, the country’s cost of living rose again, with official data showing annual inflation climbing above 8 percent while vegetable prices surged sharply compared with a year ago.

The National Consumer Price Index (NCPI), compiled by the Department of Census and Statistics, stood at 223.9 in August, up from 207.2 a year earlier. Year-on-year inflation reached 8.1 percent, compared with 7.2 percent in July. Monthly prices rose 0.2 percent, while core inflation, which strips out volatile items, registered 6.3 percent. The Colombo Consumer Price Index (CCPI) told a similar story. Headline year-on-year inflation held at 8.0 percent in September, while the index edged up to 209.1. Core inflation in the capital rose to 5.4 percent, and annual average inflation reached 4.5 percent.

The pressure is most visible in the Pettah wholesale and retail markets. Tomatoes now fetch Rs. 610 per kilogram wholesale, against Rs. 124 a year ago, while the retail price has jumped from Rs. 164 to Rs. 660. Beans cost Rs. 520 wholesale, more than double last year’s Rs. 240, and retail beans sell at Rs. 570. Cabbage has climbed from Rs. 70 to Rs. 420 wholesale, with shoppers paying Rs. 470. Limes remain among the costliest items, retailing at Rs. 1,280 per kilogram, though that is below the Rs. 2,160 charged a year ago. Dried chilli (imported) sells at Rs. 1,163.60 retail, up from Rs. 700

Staples have been steadier. Samba rice is Rs. 240 retail in Pettah, compared with Rs. 250 a year ago, and red kekulu sells at Rs. 190.80. At the Marandagahamula wholesale market, samba is Rs. 224.20 per kilogram, nadu Rs. 185.80 and white kekulu Rs. 182.20, all below year-ago levels for samba and in line with last month for the others. Egg and coconut prices have also firmed. A white egg now retails at Rs. 35.88, up from Rs. 25.90, while a coconut costs Rs. 166.40, compared with Rs. 175 last year. Analysts say sustained vegetable price increases could keep household budgets under pressure in the coming months.