Inflation as measured by consumer prices in Colombo declined significantly in March this year, figures released Thursday by the Statistics Department of the Central Bank showed.
The inflation as measured by Colombo Consumers' Price Index (CCPI) decreased to 7.5 percent in March 2013 from 9.8 percent in February 2013.
The Central Bank attributed the decline to the drop in food prices during the month, especially in rice, vegetables, fresh fish, canned fish, eggs, big onions, red onions, and potatoes.
The inflation rate on an annual average basis increased to 8.8 percent in March 2013 from 8.6 percent in the previous month.
On absolute terms the CCPI index marginally changed 170.8 from 170.7 in February 2013.
The government in 2013 budget aimed to stabilize prices of commodities to achieve a moderate inflation for this year.