Colombo’s consumer price inflation drops to 0.5% in August

The overall rate of inflation as measured by the Colombo Consumers Price Index (CCPI) on a Y-on-Y basis has decreased to 0.5% in August 2024 compared to the 2.4% calculated for July 2024, according to the latest data released by Sri Lanka’s Department of Census and Statistics.

The CCPI for all items for August 2024 was 191.1 and records a decrease of 3.6 index points compared to July 2024, for which the index was 194.7.

The overall rate of inflation, as measured by CCPI on a Y-on-Y basis, is 0.5% in August 2024.

The CCPI for all items for August 2024 was 191.1, and it records a decrease of 3.6 index points or 1.85 percent compared to July 2024, for which the index was 194.7. This represents a decrease in expenditure value by Rs 3304.55 in the “Market Basket.”

The month-on-month change in CCPI from July 2024 to August 2024 was contributed by a decrease in Food items by 0.64% and a decrease in Non-Food items by 1.21%, respectively, it said.

As measured by the CCPI on a Y-on-Y basis, the overall inflation rate was 0.5% in August 2024, and the Y-on-Y inflation calculated for July 2024 was 2.4%.

The Y-on-Y inflation of the Food Group decreased to 0.8% in August 2024 from 1.5% in July 2024, and the Y-on-Y inflation of the Non-Food Group decreased to 0.4% in August 2024 from 2.8% in July 2024.

For August 2024, on a Y-on-Y basis, the contribution to inflation by food commodities was 0.25%.

The CCPI is an economic indicator constructed to measure inflation, defined as a percentage change in CCPI over the year. There are two measures of inflation in general use. One measure is Year-on-year base or Point Inflation.