By: Isuru Parakrama
November 21, Colombo (LNW): The latest figures from the Department of Census and Statistics have revealed a further decline in the rate of inflation in October 2024.
The National Consumer Price Index (NCPI), which measures overall inflation, has dropped to minus 0.7 per cent, a notable reduction from the minus 0.2 per cent recorded in September 2024.
This marks a continuation of the downward trend in inflation, offering some relief to consumers across the country.
Food inflation also experienced a significant decline, falling to minus 0.16 per cent in October, compared to a moderate increase of 0.5 per cent the previous month.
This shift indicates that the prices of essential food items have stabilised, following a period of rising costs earlier in the year.
The NCPI for all goods and services for the month of September 2024 stood at 203.6, showing a decrease of 0.5 index points compared to the previous month.
This overall reduction is largely attributed to decreases in both food and non-food sectors. Food prices dropped by 0.16 per cent, while non-food items saw a slightly more significant decline of 0.35 per cent.
