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Sri Lanka’s inflation hits close to 40% in May 2022

The Central Bank of Sri Lanka (CBSL) says that on year-on-year basis, CCPI-based headline inflation continuously increased to 39.1% in May 2022 from 29.8% in April 2022.

Food inflation increased to 57.4%, in May 2022 from 46.6% in April 2022, while Non-Food inflation increased to 30.6% in May 2022 from 22.0% in April 2022.

The monthly change of CCPI was recorded at 8.34% in May 2022 due to price increases observed in items of both Non-Food and Food categories which were 4.87% and 3.47%, respectively.

Accordingly, prices of items in the Non-Food category recorded increases mainly due to price increases observed in the Transport (Petrol, diesel, and bus fare), Housing, Water, Electricity, Gas, and Other Fuel (LP gas and Materials for maintenance/reconstruction), Restaurant and Hotels and Miscellaneous Goods and Services (Car insurance) sub-categories.

Further, within the Food category, increases were observed in the prices of vegetables, fresh fish, rice, bread, dried fish, and dhal during the month.

Meanwhile, annual average inflation rose to 14.2% in May 2022 from 11.3% in April 2022.

The core inflation (Y-o-Y), which reflects the underlying inflation in the economy increased to 28.4% in May 2022 from 22.0% in April 2022, while annual average core inflation increased to 10.2% in May 2022 from 8.1% in April 2022.

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