The National Consumer Price Index (NCPI) recorded a significant decrease in September 2024, with overall inflation dropping to -0.2%, compared to 1.1% in August 2024, as reported by the Department of Census and Statistics. This marks a notable shift, reflecting easing price pressures in both food and non-food categories.
Key Highlights:
- Overall Inflation Rate: The inflation rate, as measured by the NCPI, declined to -0.2% in September 2024, down from 1.1% in August.
- Food Inflation: Food inflation saw a reduction, falling to 0.5% in September, from 2.3% in the previous month, indicating a drop in food prices across the country.
- Non-Food Inflation: Inflation in the non-food group also fell, reaching -0.7% in September, a decline from 0.2% recorded in August.
- NCPI Index Points: The NCPI for all items in September 2024 was 203.1, representing a 1.0-point drop from August’s 204.1. This translates to a 0.48% decrease and a Rs. 500.25 reduction in expenditure value within the “market basket.”
- Year-on-Year Contributions: The food group’s contribution to inflation was 0.22% on a Year-on-Year basis, further showcasing the trend of slowing inflationary pressures.
These figures reflect ongoing adjustments in Sri Lanka’s economy, with inflation now showing a downward trend, providing potential relief to consumers. However, the decline in both food and non-food inflation points to broader economic challenges that need continuous monitoring.
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Last modified: October 22, 2024
