Despite the recent increase in bus and taxi fares, the year end inflation forecast remains at 9.5 percent.
The Reserve Bank said inflation is lower than expected, mainly on account of much lower contributions from energy-related items, which have offset to a large degree the recent price increases in other items.
Inflation was 2.2 percent in July, led by an increase in prices of all categories except for transport and heating and lighting.
The Bank also said cane and sugar production declined over the year to July, weak labour market conditions are restraining spending, domestic export earnings have fallen, total exports have fallen while general businesses are expecting a contraction in business conditions this year.
Year end inflation forecast remains same
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