Sri Lanka’s January inflation at near record high

Updated 01 February 2013
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Sri Lanka’s January inflation at near record high

COLOMBO: Sri Lanka’s year-on-year inflation rate in January accelerated to a near record high due to a spike in vegetable prices after floods but the central bank said inflation would start to ease after March, government data showed.
Annual inflation in January hit 9.8 percent, its highest since January 2009 when it hit a record high of 10.4 percent year-on-year under a new index.
It gained from 9.2 percent in December, data released by the Department of Census and Statistics showed.
“This increase is temporary. It is largely due to the increase in vegetable prices due to floods,” Swarna Gunarathne, the central bank’s chief economist, said.
Vegetable prices shot up in January following flash floods in December in the island nation’s major cultivation areas.
Gunarathne said annual inflation would remain about 9 percent until the end of the first quarter due to the high food prices.
The central bank kept policy rates unchanged on Jan. 17, saying it expected inflation to moderate soon.
Gunarathne said easing supply shocks and an improved harvest would bring inflation down to the 7 percent range.
“So there won’t be any immediate changes to rates,” he said.
Annual average inflation, measured on a 12-month moving average, rose to a record high of 8.1 percent, from 7.6 percent in December.


Saudi Arabia, China sign $28 billion worth of economic accords

Updated 22 February 2019
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Saudi Arabia, China sign $28 billion worth of economic accords

  • A total 35 agreements had been signed at a joint investment forum held by Saudi Arabia’s investment agency SAGIA

DUBAI: Saudi Arabia and China signed economic cooperation agreements worth a total of $28 billion at a joint investment forum during a visit by Saudi Crown Prince Mohammed bin Salman to Beijing, Saudi state news agency SPA said on Friday.
It said 35 agreements had been signed at the forum, held by Saudi Arabia’s investment agency SAGIA. It also said four licenses for Chinese companies had been awarded at the forum.

The forum, which coincided with the official visit of Crown Prince Mohammed bin Salman China as part of his Asian tour, aimed at enhancing opportunities for joint cooperation between the two countries in various fields.

Other cooperation agreements signed during the forum included areas of the Kingdom's target sectors such as renewable energy aimed at activating cooperation and consultation frameworks in the field of investment development in wind turbines by manufacturing Electric control devices, wind turbine structures, turbine blades and wind generators with an investment of $ 18 million.

The agreement aims to open up to 800 new job opportunities in one of the most targeted sectors of sustainable development.