Inflation Drops in October

COLOMBO (News 1st);

The overall inflation rate, as measured by the National Consumer Price Index (NCPI), decreased to -0.7% in October, down from -0.2% in September, according to the latest data from the Department of Census and Statistics.

This marks a continued decline in the rate of inflation, with the NCPI for all items standing at 203.6 for October, a decrease of 0.5 index points compared to September.

Food inflation also saw a significant drop, falling to -0.16% in October, from 0.5% in September. This reduction was driven by lower prices in food items, which declined by 0.16% month-on-month. Non-food items also contributed to the overall decrease, with a 0.35% drop in their prices.