Sri Lanka’s inflation rises to 14% YoY in December 2021

Sri Lanka’s inflation rises to 14% YoY in December 2021

January 22, 2022   04:28 pm

Headline inflation, as measured by the year-on-year (Y-o-Y) change in the National Consumer Price Index (NCPI, 2013=100)1, increased to 14.0 per cent in December 2021 from 11.1 per cent in November 2021, according to the Statistics Department of the Central Bank of Sri Lanka.

Meanwhile, on an annual average basis, the NCPI increased to 7.0 per cent in December 2021 from 6.2 per cent in November 2021, a statement issued by the CBSL said.

Inflation was driven by monthly increases of prices of items in both Food and Non-food categories. Subsequently, Food inflation (Y-o-Y) increased to 21.5 per cent in December 2021 from 16.9 per cent in November 2021, while Non-Food inflation (Y-o-Y) also increased to 7.6 per cent in December 2021 from 6.2 per cent in November 2021.

Monthly change of NCPI recorded at 3.68 per cent in December 2021 due to increases observed in prices of items in both Food and Non-food categories which were 3.00 per cent and 0.68 per cent, respectively. Accordingly, within the Food category, prominent increases were observed in prices of vegetables, rice, and green chillies. Further, prices of items in the Non-Food category recorded increases mainly due to price increases observed in the Restaurants and Hotels, and Alcoholic Beverages and Tobacco (Arrack, Betel leaves) sub-categories during the month.

The core inflation (Y-o-Y), which reflects the underlying inflation in the economy increased to 10.8 per cent in December 2021 from 8.8 per cent in November 2021, while annual average core inflation increased to 5.5 per cent in December 2021 from 5.0 per cent in November 2021, the statement read further.

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