Inflation Dropping Further– 6.3% in July. Food Inflation Dropped to Minus Level

The Year-on-Year (Y-o-Y) inflation based on the Colombo Consumer Price Index (CCPI) decreased to single-digit 6.3% in July 2023, the Department of Census and Statistics reported. Accordingly, in comparison to the 12% seen in June. Meanwhile, food inflation decreased to minus -1.4% in July, from the 4.1% recorded last month.

According to the National Consumer Price Index (NCPI) inflation recorded at 10.8% in June and Food Inflation decreased to 2.5% in June.

In 2022 March, Sri Lanka’s inflation was the 2nd highest in the world according to the Steve Hanke’s inflation chart. It was estimated that Sri Lanka’s true inflation in 2022 March was 132%.