The overall rate of inflation as measured by Colombo Consumer Price Index (CCPI) on year-on-year basis has increased to 6.4% in January 2024 from 4.0% in December 2023, according to the latest data from the Census & Statistics Department (DCS).

The CCPI for all items for the month of January 2024 was 200.7 and it records an increase of 5.6 index points that is 2.87 percentage change compared to the month of December 2023 for which the index was 195.1.

This represents an increase in expenditure value by Rs 5152.79 in the “Market Basket”.

Meanwhile, food inflation increased to 3.3% in January 2024 from 0.3% in December 2023, the Census & Statistics Department (DCS) said in its release.

In addition to this, the year-on-year inflation of the non-food group increased to 7.9% in January 2024, from 5.8% in December 2023.

For the month of January 2024, on Y-on-Y basis, contribution to inflation by food commodities was 1.11%, while the contribution of Non Food items was 5.31%, according to the Census & Statistics Department. 

The DCS said this was mainly due to price increases in groups of items housing, water, electricity, gas & other fuels, education, clothing & footwear, alcoholic beverages, tobacco & narcotic, recreation & culture, health and miscellaneous goods & services and health.