Sri Lanka’s year-on-year headline inflation, as measured by the Colombo Consumer Price Index (CCPI), rose to 4.5 per cent in the month of May, local media reported here Tuesday.
Data from the Central Bank of Sri Lanka’s Statistics Department showed that inflation rose 1.05 per cent from April to May, while the annual average inflation remained unchanged at 3.9 per cent.
Data also showed that year on year core inflation rose to 3.2 per cent in May, reports Xinhua.
Food inflation rose to 9.9 per cent in May compared to 9.0 per cent in April, driven by price increases in local staples such as fresh fish, coconut oil, and rice.
Meanwhile, non-food inflation rose to 2.2 per cent in May compared to 1.8 per cent in April, driven by price increases in healthcare, housing, water, electricity, gas, and other fuels.
Sri Lanka’s inflation levels have remained below double digits and within the government’s targeted range of 4.0 to 6.0 per cent in 2021.
The country’s food inflation rose to double digits in 2020 due to supply shocks from the COVID-19 pandemic.❐
