Sri Lanka’s overall rate of inflation as measured on a year-on-year (YoY) basis is 59.2 per cent in December 2022 and inflation calculated for November 2022 was 65.0 per cent. With respect to December 2021, the reported inflation for December 2022 was mainly because higher price levels prevailed in both food and non-food groups, as per official data.
The increases in index values of non-food groups in December 2022 compared to the previous month was mainly due to the price increases in groups of items including clothing and footwear by 0.08 per cent, according to the National Consumer Price Index (NCPI) and Inflation rate for December 2022 by the Department of Census and Statistics (DCS).
Contribution of non-food items to inflation was 29.62 per cent including clothing and footwear by 2 per cent YoY. The NCPI for all items for December 2022 is 256.3, the same as that of November.
The increase of expenditure value of non-food items by 0.21 per cent contributed to the month-on-month (MoM) change.
The index weights are based on expenditure data derived from the Household Income and Expenditure Survey (HIES) conducted in 2012/13. The 2012/13 HIES included all types of consumption expenditures by households, and was broadly representative of all households in the country. The year 2013 is considered as the base year for NCPI. The frequency of price collection is determined by on an average how frequently price changes take place.