The overall rate of inflation as measured by the Colombo Consumer Price Index (CCPI) on a Year-on-Year (Y-on-Y) basis, has further decreased to 5.9% in February, compared to the previous month.

The CCPI-based inflation was calculated as 6.4% for the month of January 2024.

According to the latest report issued by the Department of Census & Statistics (DCS), the inflation for all items for the month of February has decreased from 200.7 to 200.6 points, indicating a percentage change from 6.4% to 5.9% from January 2024.

The Y-on-Y inflation of Food Group was recorded at 3.5% in February, showing a minor increase from the 3.3% recorded last month, while the Y-on-Y inflation of Non Food Group decreased to 7.0% from 7.9% in January this year.

The CCPI is an economic indicator constructed to measure inflation which is defined as percentage change in CCPI over the year. There are two measures of inflation in general use. One measure is Year on Year base or Point to Point inflation (The percentage change in the CPI during the last 12 months). The other measure is Moving Average Inflation (The percentage difference between the average Price Index of last 12 months & the average Price Index of previous 12 months).