Sri Lanka’s inflation skyrockets to 17.5%

Sri Lanka’s inflation has increased to a record 17.5 percent in the month of February.

Inflation was 16.8 percent in January, as measured by the National Consumer Price Index on Year-on-Year basis.

The Department of Census and Statistics said the reported inflation for the month of February was mainly due to the higher price levels prevailed in both food and non-food groups.

Accordingly, the Year-on-Year inflation of the food group increased to 24.7 percent in February from 24.4 percent in January while the inflation of the non-food group increased to 11.0 percent in February from 10.2 percent in January.

The Department added that the moving average inflation for the month of February was 9.3 percent. The corresponding rate for the month of January was 8.1 percent.

The NCPI is a macroeconomic indicator compiled to measure inflation which is defined as a sustained increase in the general level of prices for goods and services and it is measured as an annual percentage increase by the NCPI.

(Source: News Radio)