Home » Inflation in September rose more than expected – Nandalal Weerasinghe

Inflation in September rose more than expected – Nandalal Weerasinghe

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Central Bank of Sri Lanka Governor Dr P. Nandalal Weerasinghe, while participating yesterday (6th0) in the announcement of the 07th Monetary Policy Commentary of this year, said that inflation in September was higher than expected by the Central Bank of Sri Lanka. If inflation rises further, businesses will collapse.
He said that the Central Bank had predicted that inflation would rise this month and then come down, and the actual situation was moving in that direction. However, in September, inflation was higher than expected. It was expected to be 67.8 in September, but after inflation was calculated, it was found that inflation was 69.8, he said.
He points out that according to the Colombo Consumer Price Index, inflation would be lower next month than this month. However, according to the National Consumer Price Index, inflation would increase further this month.

He predicts that this trend will continue and that inflation will decrease by December and decrease further next year due to the tightening of monetary policy by the Central Bank.
The Governor of the Central Bank states though some parties claim that it was impossible to carry out business activities due to high-interest rates, points out that it is not because of the rise in interest rates but because of the rise in inflation that they are not been able to do business.
He states that if inflation rises further, businesses will collapse, and high-interest rates are maintained to control and reduce inflation. He also states that once inflation is under control and the downward trend has subsided, it would be possible to cut interest rates.
He says that the most important thing for all industries, all businesses and all services is to control inflation, which could not have been achieved in the past, and today we have to experience the results of keeping it low forcefully and printing money in the past. He points out that if the interest rates are reduced again, we will have to face the same results and consequences.
Stating that everything can be maintained only by maintaining high-interest rates, the Governor also emphasizes that if inflation rises further, everything will collapse quickly.
The Governor of the Central Bank, Dr P. Nandalal Weerasinghe had earlier emphasized that if the economic crisis continues, there could be bloodshed in the country.

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The post Inflation in September rose more than expected – Nandalal Weerasinghe appeared first on LankaTruth.

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