Inflation eases in October 2022

Headline inflation, as measured by the year-on-year (Y-o-Y) change in the National Consumer Price Index (NCPI, 2013=100)1 which followed an increasing trend since October 2021, declined to 70.6 per cent in October 2022 from 73.7 per cent in September 2022, the Central Bank said.

Similarly, Food inflation (Y-o-Y) decreased to 80.9 per cent in October from 85.8 per cent in September while Non-Food inflation (Y-o-Y) decreased to 61.3 per cent in October from 62.8 per cent in September.

The change in the NCPI measured on month-on-month basis continued its recent moderating trend and recorded 0.28 per cent in October 2022. This was mainly contributed by the monthly decrease of the prices of the items in the Food category, which amounted to 0.41 per cent. Accordingly, within the Food category, significant decreases were observed in prices of Fresh Fish, Rice, Dry Fish and Coconut Oil.

However the Non-food category recorded a monthly increase of 0.69 per cent in October 2022 due to the price increases observed in Health (Purchase of Medical/ Pharmacy Products and Payments to Private Hospitals/ Nursing Homes), Recreation and Culture (Exercise Books and Stationeries), Furnishing, Household Equipment and Routine Household Maintenance, Alcoholic Beverages and Tobacco, and Miscellaenous Goods and Services sub-categories during the month.

Meanwhile, annual average inflation rose to 42.2 per cent in October from 36.9 per cent in September.