Headline inflation, as measured by the year-on-year (Y-o-Y) change in the Colombo Consumer Price Index (CCPI, 2021=100) decreased to 35.3% in April 2023 from 50.3% in March 2023. The lower level of realised inflation compared to the projections made, was mainly due to higher than expected price decreases observed in Volatile Food and Non-Food items.
The Food inflation (Y-o-Y) decreased to 30.6% in April 2023 from 47.6% in March 2023, while the Non-Food inflation (Y-o-Y) decreased to 37.6% in April 2023 from 51.7% in March 2023. Monthly change of CCPI recorded at -1.39% in April 2023, which is the highest monthly decline recorded so far in CCPI (2021=100) series. This decrease was mainly due to price decreases observed in the items of Non-Food category, which was -1.37%. Meanwhile, the Food category also recorded a monthly decline of 0.02%. The core inflation (Y-o-Y), which reflects the underlying inflation in the economy, decreased to 27.8% in April 2023 from 39.1% in March 2023.
