The year-on-year inflation rate in Sri Lanka, as measured by the Colombo Consumer Price Index (CCPI), has significantly decreased to 0.9% in May 2024, according to the Department of Census & Statistics (DCS).
This marks a notable decline from April's inflation rate of 1.5%.
A closer examination of the data reveals a stark contrast between food and non-food inflation. The inflation rate for the food group plummeted to 0.0% in May from 2.9% in April. Conversely, the non-food group saw a slight increase in inflation, rising to 1.3% in May from 0.9% the previous month.
In terms of contributions to the overall inflation rate, the food group contributed -0.37%, while the non-food group contributed -0.20%.
In addition, the CCPI Core, which excludes volatile items, slightly decreased from 177.3 in April to 177.0 in May 2024. Despite these monthly changes, the general price level has surged by 94.1% compared to the index reference year of 2021.
