Headline inflation, as measured by the year-on-year (Y-o-Y) change in the Colombo Consumer Price Index (CCPI, 2021=100)  decreased to 50.6% in February 2023 from 51.7% in January 2023. The decline in the headline inflation is broadly in line with the disinflation path envisaged by the Central Bank of Sri Lanka (CBSL) in January 2023.

The Food inflation (Y-o-Y) decreased to 54.4% in February 2023 from 60.0% in January 2023, whereas the Non-Food inflation (Y-o-Y) increased to 48.8% in February 2023 from 47.9% in January 2023. Monthly change of CCPI recorded at 0.47% in February 2023 due to price increases observed in items of Non-Food category, which was 1.20%. However, the Food category recorded a monthly decline of 0.74%. The core inflation (Y-o-Y), which reflects the underlying inflation in the economy, decreased to 43.6% in February 2023 from 45.6% in January 2023.

Land Valuation Indicator (LVI) for Colombo District increased by 14.8 per cent on a year-on-year basis to 205.2 during the second half of 2022. All sub-indicators of LVI, namely Residential LVI, Commercial LVI and Industrial LVI contributed to the overall increase.

Commercial LVI recorded the highest annual increase of 15.7 per cent, followed by Residential LVI (15.2) and Industrial LVI (13.6). However, a downward trend was observed in the annual increase of LVI in second half of 2022, driven by the decline in the annual increase of Industrial LVI. Meanwhile, the annual growth of Residential and Commercial LVIs increased slightly during the second half of 2022.