SL inflation slows down in October 2022

Headline inflation, as measured by the year-on-year (Y-o-Y) change in the Colombo Consumer Price Index (CCPI, 2013=100)1 which followed an increasing trend since October 2021, declined to 66 per cent in October 2022 from 69.8 per cent in September 2022, the Central Bank said on Monday.

Following a similar trend, the Food inflation (Y-o-Y) decreased to 85.6 per cent in October 2022 from 94.9 per cent in September 2022, while the Non-Food inflation (Y-o-Y) decreased to 56.3 per cent in October 2022 from 57.6 per cent in September 2022.

The change in the CCPI measured on month-onmonth basis decreased by 0.35 per cent in October 2022 after 17 consecutive months.

The statement said that this was mainly contributed by the monthly decrease of the prices of the items in the Food category, which amounted to 0.75 per cent.

Accordingly, within the Food category, significant decreases were observed in prices of Fresh Fish, Dry Fish and Rice. Nevertheless, the Non-food category recorded a monthly increase in October 2022 due to the price increases observed in Communication (Mobile, Fixed Phone and Internet Charges), Clothing and Footwear, Restaurant and Hotels sub-categories during the month.

However, Transport (Petrol and Diesel) sub-category decreased in October 2022 contributing to moderate the overall monthly increase in the Non-food category to a greater extent. Meanwhile, annual average inflation rose to 38.3 per cent in October 2022 from 33.4 per cent in September 2022.