Sri Lanka’s consumer inflation eases in May 2023

Vegetable seller in Sri Lanka

(Photo: YouTube)

Sri Lanka’s inflation for May 2023 was recorded at 22.1% which was based on the National Consumer Price Index (NCPI) measured by the year-on-year change, the Department of Census and Statistics (DCS) revealed in its latest report.

Compared to headline inflation of 33.6% recorded in April 2023, slight drop indicates in the month of May 2023.

In comparison to 2022, the reported inflation for the month of May 2023 was mainly due to the higher price levels that prevailed in both food and non-food groups.

On a monthly basis, the year-on-year inflation of the food group dropped to 15.8% in May from 27.1% in April 2023. Meanwhile, the year-on-year inflation of the non-food group decreased to 27.6% in May 2023 from 39.0% in April 2023.

The contributions (year-on-year) to the inflation recorded in May 2023 from the food commodities and the non-food group stood at 7.27% and 14.88%, respectively in comparison to March 2022.