CCPI based headline inflation increased to 64.3-pct in August; food inflation increased to 93.7-pct

Headline inflation, as measured by the year-on-year (Y-o-Y) change in the Colombo Consumer Price Index increased to 64.3% in August 2022 from 60.8% in July 2022. This increase in Y-o-Y inflation was mainly driven by the monthly increases of both Food and Non-Food categories. Accordingly, Food inflation (Y-o-Y) increased to 93.7% in August 2022 from 90.9% in July 2022, while Non-Food inflation (Y-o-Y) increased to 50.2% in August 2022 from 46.5% in July 2022.

Monthly change of CCPI recorded at 2.45% in August 2022 due to price increases observed in items of both Food and Non-Food categories which were 0.83% and 1.62%, respectively. Accordingly, within the Food category, increases were observed in prices of fresh fish, fruits, bread, biscuits, eggs and chicken. However, prices of rice and dhal decreased during the month.
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Further, within the Non-Food category, increases were observed in prices of Housing, Water, Electricity, Gas and Other Fuels (Electricity bill and maintenance/ reconstruction), Transport (Transport fare for schooling and air fare), Clothing and Footwear and Miscellaneous Goods and Services sub-categories during the month.

Meanwhile, annual average inflation rose to 28.0% in August 2022 from 23.1% in July 2022.

The core inflation (Y-o-Y), which reflects the underlying inflation in the economy increased to 46.6% in August 2022 from 44.3% in July 2022, while annual average core inflation increased to 20.3% in August 2022 from 16.7% in July 2022.

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