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CHAPTER VIII – PRICES

COLOMBO CONSUMERS' PRICE INDEX (Base 2002=100) 

    The current CCPI is the country’s official price index and it is computed monthly by DCS. The weighting pattern used in the CCPI is based on Household Income and Expenditure Survey 2002 and the average household expenditure of a sample of 1300 households from the Colombo Urban area and which includes all socio – economic groups, in urban areas of Colombo District.  

      A Consumers’ Price Index requires regular revision based on current Consumer Expenditure Surveys. Generally base weights should be revised at least 5-10 years, to reflect the latest household consumption patterns. In order to maintain the relevance of the CPI and to select the latest household spending patterns, the New CPI basket and new weighting patterns should be introduced periodically to capture the current consumption pattern. The most countries adopt five year rebasing of the CPI.

     Accordingly, a new and improved price index which reflects more realistically the changes in aggregate level of consumer price namely CCPI (2006/07) has been computed by the DCS in consultation with the General Treasury and the Central Bank of Sri Lanka and to be published since January 2008 to make public aware of the availability of a more reliable CCPI.

     The New Colombo Consumes’ Price Index CCPI (Base 2006/07=100), is based on data from the household Income and Expenditure Survey 2006/07 and its main features are as follows:

2.1 A Base period: 

The two years experience covering the period from January 2006 to December 2007 has been considered as base year. The total monthly value of the base period expenditure level on the basket of goods and services in the CCPI (Base 2006/07=100) IS Rs. 27,972.11. This expenditure level is 55.4% greater than the base period expenditure level of Rs. 17,996.38 in the CCPI (Base 2002=100). This increase reflects the increased expenditure due to higher income, prices and the changed composition of the consumption basket.

2.2 Market Basket of Goods and Services:

The CCPI (Base2006/07=100) has a larger consumption basket than in the CCPI (Base2002=100). It contains 95 sub classes of goods and services under 10 groups, as against 83 sub classes in the CCPI (Base 2002=100). The average household expenditure and percentages for the 10 groups in the CCPI (Base 2006/07=100) are given in Table 1. The share of food category was 41.0% while the share of Non-food category was 59.0% in the CCPI (Base 2006/07=100).

2.3 Full year coverage of Consumption patterns: 

Expenditure weights were obtained using data on Household Expenditure in the Household Income and Expenditure Survey during the 12 months period from July 2006 to June 2007. Therefore, it has captured the seasonal variations of consumer pattern.

2.4 Coverage of Consumers living in different areas in the Colombo District: socio economic groups. 

The geographical coverage of the New Index has been widened the urban areas of the Colombo District, ie. Sri Jayewardenapura Municipal Council Dehiwala- Mt. Lavinia Municipal Council and Moratuwa Municipal Council: Kolonnawa Urban Council, Seethawakapura Urban Council, Maharagama Urban Councial, Kesbawa Urban Council and Boralasgamuwa Urban Council.

2.5 Expansion of Price Collection Procedure :

The price collection of the new index (Base 2006/07=100) has been widened to cover 14 price collection centers in Pettah, Maradana, Wellawatta, Dematagoda, Grandpass, Borella, Kirulapone, Dehiwala, Mt. Lavinia, Kotte, Nugegoda, Kolonnawa and two Dedicated Economic Centers namely Narahenpita and Rathmalana.

2.6 Exclusion of Alcohol, Tobacco and Narcotics: 

The CCPI (Base 2006/07=100) does not include alcoholic beverages, tobacco and narcotics as an expenditure item in the consumption basket, consistent with government policy of discouraging their consumption as the CCPI (Base 2002=100). 

2.7 Method of Computation:  

The method for computing the CCPI (Base 2006/07=100) is same as that is used for the computation of CCPI (Base 2002=100). It uses the Laspeyres base weighted price index formula with fixed weights proportional to the expenditure pattern of the new base period.

2.8 Plan for discontinuation of CCPI (Base 2002=100):  

Upon the approval of the recommendation to adopt CCPI (Base 2006/07=100) as the official consumer price index is approved, DCS will abandon the computation of CCPI (Base 2002=100) with effect from June 2011.

2.9 Regular Revisions:  

A consumer’s price index requires regular revisions based on latest consumer expenditure surveys. The base weights should be revised at least every 3 to 5 yrs. to reflect change in consumption patterns.;                           

8.1

Annual averages of the Colombo Consumers' Price Index by major groups and annual rate of change (all items) , 2008 - 2014;

8.2

Retail prices of commodities Colombo town , 2008 - 2014

8.3

Retail prices of selected commodities (all Island), 2009 - 20123

8.4

Farm-gate prices of paddy (Samba) by province and district , 2008 - 2013

8.5

Annual average retail prices of fresh fish - Colombo, 2006- 2013

8.6

Annual average wholesale prices of fresh fish - Colombo Fish Market,2006 - 2013

8.7

Monthly average wholesale prices of fish at Peliyagoda (Colombo) Central Fish Market 2012 - 2013

8.8

Monthly average retail prices of fish at Colombo and suburbs markets, 2012 -2013

8.9

Wholesale Prices of Local Dried fish at Pettah , 2012 - 2013

8.10

Wholesale prices of imported dried fish at Pettah , 2012 - 2013

8.11

Retail prices of dried fish at Colombo and suburb markets,2012 - 2013

8.12

All Island producers' prices of selected commodities , 2009 - 2013

8.13

Producer prices for selected items of highland crops by province and district , 2013

8.14

Producers' prices for selected items of livestock and livestock products by province and district , 2013