Sri Lanka has experienced an increase in inflation, with the National Consumer Price Index (NCPI) rising to 2.4% in June 2024, up from 1.6% in May 2024. The latest figures, released by the Department of Census and Statistics, reflect a notable shift in the country’s inflationary trends.
Food inflation has seen a significant increase, reaching 1.9% in June 2024, compared to just 0.5% in May 2024. This surge in food prices has contributed to the overall rise in inflation. Additionally, the Year-on-Year inflation rate for the non-food group rose to 2.7% in June 2024, up from 2.4% in the previous month.
The contribution of food commodities to the overall inflation rate was 0.85% in June 2024, marking an increase compared to June 2023. This indicates a heightened impact of food price fluctuations on the general inflation rate.
In terms of the National Consumer Price Index (NCPI) for all items, the index stood at 206.3 for May 2024. This figure represents a decrease of 1.9 index points compared to April 2024, suggesting a slight contraction in the cost of living over that period.
The rise in inflation underscores ongoing economic challenges and the need for continued monitoring of price trends to manage their impact on consumers.
