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Colombo inflation back to single digit levels after 19 months

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Headline inflation, as measured by the year-on-year (Y-o-Y) change in the Colombo Consumer Price Index (CCPI, 2021=100)1 decreased to a single digit of 6.3 per cent in July 2023 from 12 per cent in June 2023.

The decline in the headline inflation is broadly in line with the disinflation path envisaged by the Central Bank of Sri Lanka (CB) in July 2023, the banking regulator said on Monday.

The Food category, after nearly four years, recorded a deflation (Y-o-Y) of 1.4 per cent in July 2023 compared to the inflation of 4.1 per cent observed in June 2023. Meanwhile, the Non-Food inflation (Y-o-Y) decreased further to 10.5 per cent in July 2023 from 16.2 per cent in June 2023.

The monthly change of the CCPI recorded at -1.12 per cent in July 2023 due to the combined effect of price decreases of -1.13 per cent observed in the items of Non-Food category and the marginal price increases of 0.01 per cent recorded in the items of Food category. The core inflation (Y-o-Y), which reflects the underlying inflation in the economy, decreased to 6.1 per cent in July 2023 from 9.8 per cent in June 2023

“Looking ahead, based on the available information, inflation is expected to moderate further and stabilise around the targeted level over the medium term. This disinflation process is supported by the lagged impact of tight monetary and fiscal policies, improvements on the supply side, the softening of energy and food inflation, and the favourable base effect,” it was stated.

(sundaytimes.lk)

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Registration compulsory for all money changers 

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The Central Bank has issued a notice making it compulsory for all money exchange institutions to be registered with the Central Bank and regulated by it. 

The CB order is in effect from 3 June 2024. 

The Central Bank states that all money changers who are currently not registered will now receive the opportunity to provide such services in a systematic and regulated manner. 

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Apple is the world’s first $1 trillion brand: Kantar

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Kantar BrandZ’s Top 10 Most Valuable Global Brands 2024 has named Apple as the world’s first trillion-dollar brand, holding onto pole position for the third consecutive year. 

Google, Microsoft, and Amazon join Apple atop the rankings, with McDonald’s rounding up the top 5.

Demonstrating how effective AI has become for driving brand value, NVIDIA has lept 18 places to crack the top 10 for the first time, holding sixth position with a 178% year-on-year brand value increase. 

Facebook rejoined the Top 10 after a one-year absence, while Oracle joined the Top 10 for the first time. 

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Govt. to privatise SriLankan as part of IMF programme – CEO

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The government, as part of the International Monetary Fund (IMF) program, is looking to privatise several state-owned enterprises and one of those is the flag carrier of the island nation, said SriLankan Airline CEO Richard Nuttall.

Nuttal added that the airline is also looking for an investor. Three candidates have been finalised in April and the government is in talks with them.

Nutall said that no Indian company had shown interest in investing in the airline.

The airline hopes to grow its current fleet of 21 to 22 next month, with plans to obtain another three aircraft within the next three months.

Source: ANI

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