Sri Lanka’s inflation rate, as measured by the National Consumer Price Index (NCPI), dropped to 1.1% in August 2024, a decline from 2.5% in July, according to the Department of Census and Statistics. This marks a significant reduction in overall inflation, signaling easing pressures on the economy.
Food inflation saw a decline as well, falling to 2.3% from July’s 2.9%. Meanwhile, the non-food group recorded a slight uptick, with inflation rising to 0.2% in August from 2.2% in the previous month. The NCPI for August was recorded at 204.1, reflecting a decrease of 2.8 index points compared to July.
This shift in inflation could provide some relief for consumers, though rising non-food inflation will need to be closely monitored by economic policymakers.
Last modified: September 25, 2024
