Sri Lanka’s Inflation Sees Decrease, Recording 10.8% in June 2023
In a noteworthy development, Sri Lanka’s inflation, as measured by the National Consumer Price Index (NCPI), registered a significant decline in June 2023. The latest figures released by the Department of Census and Statistics (DCS) indicate that inflation stood at 10.8% for the mentioned month, a substantial drop compared to the headline inflation rate of 22.1% recorded in May 2023.
The statistics from the DCS reveal that the changes in the NCPI on a month-on-month basis were driven by a 0.44% increase in food items and a 0.3% decrease in non-food items. It is noteworthy that the recorded inflation for June 2023 was primarily influenced by higher price levels in both food and non-food categories when compared to June 2022.
This decline in inflation could have significant implications for the country’s economy and may be indicative of changing consumer spending patterns and price dynamics in the market. Policymakers and economic analysts will closely monitor these developments to understand the underlying factors driving the inflation fluctuations and to assess the overall economic outlook.