The Colombo Consumer Price Index (CCPI) indicates that Sri Lanka’s inflation rate had eased to 25.2 percent in May from 35.3 percent in April, the President’s Media Division (PMD) said on Wednesday.
This reduction in inflation provides some relief to the crisis-hit economy, which has been severely impacted by a foreign exchange crisis, leading to the worst financial crisis the country has faced in seven decades, said the PMD citing data from the Census and Statistics Department.
There is a decrease in food inflation, which stood at 21.5 percent in May compared to 30.6 percent in April, the PMD said.
Sri Lanka’s central bank said in April that the anticipated declining trend of inflation was expected to continue through 2023, bringing down the prevailing high inflation towards single-digit levels by late 2023.