Prices of essential goods are increasing ahead of the National New Year as a direct result of the depreciation of the rupee, importers said.
The warning came as the Central Bank on Friday said inflation increased by 5.5 per cent last month.
Old Moor Street Traders’ Association President P. Sundaram said the prices of imported food items would now increase as stocks imported earlier were over.
Among the imported commodities, prices of which have already gone up, are big onions, tinned-fish, sugar, dhal and potatoes. In addition, textile and clothes which are normally bought in large quantities during the National New Year have also gone up in price, as also have almost all electronic items.
The Central Bank on Friday said the year-on-year inflation as measured by the Colombo Consumers’ Price Index (CCPI) computed by the Department of Census and Statistics increased to 5.5 per cent. The Bank said it was mainly due to the huge increases in fuel prices, electricity rates and bus fares.