CCPI-based inflation dips to 61% in November

 The headline inflation, as measured by the year-on-year change in the Colombo Consumer Price Index has decreased to 61.0% in November 2022 from 66.0% in October 2022. 

Following a similar trend, the Food inflation (Y-o-Y) decreased to 73.7% in November 2022 from 85.6% in October 2022, while the Non-Food inflation (Y-o-Y) decreased to 54.5% in November 2022 from 56.3% in October 2022.

The decline in the monthly change of the CCPI observed in October 2022 continued in November 2022 recording 0.50%. This was mainly contributed by the monthly decreases of the prices of the items in the Food category, which amounted to 0.53%. 

Within the Food category, significant decreases were observed in prices of chicken, fresh fish and dry fish. However, prices of milk powder increased during the month. Meanwhile, the Non-food category recorded a monthly increase in November 2022 due to the price increases observed in Health (payments to private hospitals, purchase of medical/pharmacy products) and Clothing and Footwear sub categories.

Nevertheless, contributing to moderate the overall monthly increase in the Non-food category, prices of items in the Transport (Petrol and Diesel) and Housing, Water, Electricity, Gas and other Fuels (maintenance/reconstruction, L.P. Gas) sub categories decreased in November 2022.

The annual average inflation rose to 42.6% in November 2022 from 38.3% in October 2022. The core inflation (Y-o-Y), which reflects the underlying inflation in the economy decreased to 49.4% in November 2022 from 49.7% in October 2022, while annual average core inflation increased to 31.4% in November 2022 from 27.8% in October 2022.