Colombo Consumer Price Index rises 60.8% YoY in July

Headline inflation, as measured by the year-on-year (Y-o-Y) change in the Colombo Consumer Price Index (CCPI, 2013=100)1 increased to 60.8% in July 2022 from 54.6% in June 2022.

This increase in Y-o-Y inflation was driven by the monthly increases in both Non-Food and Food categories.

Accordingly, Food inflation (Y-o-Y) increased to 90.9% in July 2022 from 80.1% in June 2022, while Non-Food inflation (Y-o-Y) increased to 46.5% in July 2022 from 42.4% in June 2022.

The monthly change of CCPI was recorded at 4.51% in July 2022 due to price increases observed in items of both Non-Food and Food categories which were 2.31% and 2.20%, respectively.

Accordingly, prices of items in the Non-Food category recorded increases mainly due to price increases observed in Transport (Petrol, diesel, airfare and bus fare), Restaurant and Hotels and Housing, Water, Electricity, Gas and Other Fuel (LP gas, firewood and maintenance/reconstruction) sub-categories. Further, within the Food category increases were observed in milk powder, rice and fresh fish. However, prices of vegetables, coconut and coconut oil decreased during the month.

Meanwhile, annual average inflation rose to 23.1% in July 2022 from 18.4% in June 2022.

The core inflation (Y-o-Y), which reflects the underlying inflation in the economy increased to 44.3% in July 2022 from 39.9% in June 2022, while annual average core inflation increased to 16.7% in July 2022 from 13.3% in June 2022.