Sri Lanka’s inflation continues to ease in Oct.

Sri Lanka’s overall inflation rate, as measured by the Colombo Consumer Price Index (CCPI), fell to -0.8 per cent year-on-year in October 2023, down from -0.5 per cent in the previous month.

While food inflation rose to 1.0 per cent in October, non-food inflation decreased to -1.6 per cent. This contrasts sharply with the soaring inflation rate of 69.8 per cent recorded in September 2022, when the country was grappling with a severe economic crisis.

The Central Bank of Sri Lanka expects that inflation would remain below its target in the near future and gradually reach the 5 per cent target in the medium term. The central bank’s appropriate monetary policies are expected to contribute to this downward trend.

Attribution: Xinhua

Subediting: Y.Yasser