CCPI annual average headline inflation rises to 6.9 percent in January

Headline inflation, as measured by the year-on-year (Y-o-Y) change in the Colombo Consumer Price Index, has increased to 14.2 percent in January 2022 from 12.1 percent in December 2021. Meanwhile, on an annual average basis, the CCPI increased to 6.9 percent in January 2022 from 6.0 percent in December 2021.

Inflation was driven by monthly increases of prices of items in both Food and Non-food categories. Subsequently, Food inflation (Y-o-Y) increased to 25.0 percent in January 2022 from 22.1 percent in December 2021, while Non-food inflation (Y-o-Y) increased to 9.2 percent in January 2022 from 7.5 percent in December 2021.

Monthly change of CCPI recorded at 2.43 percent in January 2022 due to price increases observed in items of both Food and Non-food categories which were 1.15 percent and 1.28 percent, respectively. Accordingly, within the Food category, prominent increases were observed in prices of rice, fresh fruit, milk powder, and bread. Further, prices of items in the Non-Food category recorded increases mainly due to price increases observed in the Transport (Petrol, Diesel, Bus fare), Housing, Water, Electricity, Gas and other fuel (Housing Rent, Maintenance/Reconstruction), Education (Course fees for higher education and vocational training), and Restaurant and Hotels sub-categories during the month.

The core inflation (Y-o-Y), which reflects the underlying inflation in the economy, increased to 9.9 percent in January 2022 from 8.3 percent in December 2021. Moreover, annual average core inflation increased to 5.0 percent in January 2022 from 4.4 percent in December 2021.

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