According to the Department of Census and Statistics (DCS), Sri Lanka’s inflation rate for May 2023 was 22.1% based on the National Consumer Price Index (NCPI), as assessed by the year-over-year change.
This represents a marginal decline from the headline inflation rate of 33.6% observed in April 2023.
The reported inflation for the month of May 2023 compared to 2022 was mostly brought on by the higher price levels that were prevalent in both the food and non-food classes.
Monthly, the food group’s year-over-year inflation decreased from 27.1% in April 2023 to 15.8% in May. The non-food group’s year-over-year inflation, meanwhile, dropped from 39.0% in April 2023 to 27.6% in May 2023.
When compared to March 2022, the contributions of the non-food category and food commodities (year-on-year) to the inflation reported in May 2023 were 7.27% and 14.88%, respectively.
