The Department of Census and Statistics (DCS) has reported that the National Consumer Price Index (NCPI) for Sri Lanka in March 2023 stood at 49.2%, based on the year-on-year change. This is a slight decrease compared to February 2023, which recorded a headline inflation of 53.6%.
The report attributes the inflation to the higher price levels that prevailed in both food and non-food groups compared to March 2022.
On a monthly basis, the year-on-year inflation of the food group decreased from 49.0% in February 2023 to 42.3% in March 2023. Similarly, the year-on-year inflation of the non-food group decreased from 57.4% in February 2023 to 54.9% in March 2023.
The contributions to the inflation recorded in March from the food group and non-food group, on a year-on-year basis, were 18.92% and 30.28%, respectively, compared to March 2022.
Despite the slight decrease in inflation, the DCS report suggests that the overall inflation in Sri Lanka remains high, with food and non-food groups still experiencing inflation rates that are considerably higher than the average inflation rates of previous years.
As Sri Lanka continues to grapple with high inflation rates, the government and other stakeholders will need to take measures to stabilize the economy and provide relief to consumers affected by rising prices.
