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Sri Lanka's key consumer price index drops 2.1% YoY in Nov 2024

02 Dec '24

2 min read

Sri Lanka's key consumer price index drops 2.1% YoY in Nov 2024

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Sri Lanka's headline inflation, measured by the YoY change in the Colombo consumer price index (CCPI), remained in the negative territory for the third consecutive month, falling by 2.1 per cent in November compared to a 0.8-per cent drop in October, according to the country's central bank.
On a month-on-month basis, the CCPI recorded a decline of 0.25 per cent in November.

Sri Lanka’s headline inflation, measured by the year-on-year (YoY) change in the Colombo consumer price index (CCPI), remained in the negative territory for the third consecutive month, falling by 2.1 per cent in November compared to a 0.8-per cent drop in October, according to the country’s central bank.

This is in line with the central bank’s near-term projections.

Non-food inflation decelerated further to minus 3.3 per cent YoY in November this year from minus 1.6 per cent YoY in October.

On a month-on-month (MoM) basis, the CCPI recorded a decline of 0.25 per cent in November; there was a 0.23-per cent MoM reduction in the prices of items in the non-food category.

Meanwhile, core inflation (YoY), which reflects the underlying inflation trends in the economy, moderated further to 2.7 per cent November from 3 per cent in October.

According to the latest projections, it is expected that headline inflation will remain negative in the next few months, deeper than previously projected, mainly due to larger downward adjustments in energy prices and reduction in volatile food prices, a central bank release said.

However, inflation is expected to turn positive thereafter, and gradually align with the targeted level of 5 per cent over the medium term, aided by appropriate policy measures, it added.

Fibre2Fashion News Desk (DS)