According to the Colombo Consumer Price Index (CCPI), the overall rate of inflation grew from 1.3% in September 2023 to 1.5% in October 2023 on a year-over-year (Y-o-Y) basis.
The Department of Census & Statistics (DCS) reported in its most recent report that in October and September, the food group’s year-over-year inflation rate stayed constant at -5.2%. In the meantime, the non-food category’s Y-o-Y inflation rose from 4.7% in September to 4.9% in October.
In October 2023, food commodities accounted for -1.76% of inflation, while non-food items contributed 3.25% of the total. The Department of Consumer Services (DCS) stated that the primary cause of this was the rise in prices for many categories, including housing, water, electricity, gas and other fuels, education, clothing and footwear, tobacco and other drugs, alcohol and recreational activities, health, miscellaneous products and services, and communication.
The DCS went on to say that the categories of restaurants & hotels, transportation, and routine household maintenance and equipment supply all showed a decline in value change.
