Headline inflation increased to 2.8 percent in November 2023

On year-on-year basis, National Consumer Price Index (NCPI) based headline inflation increased to 2.8 per cent in November 2023 from 1.0 per cent in October 2023, according to Weekly Economic Indicators report of the Central bank of Sri Lanka (CBSL)

The Food inflation recorded -2.2 per cent while the Non-Food inflation recorded 7.1 per cent in November 2023. Furthermore, the NCPI based core inflation increased to 0.8 per cent in November 2023 from 0.6 per cent in October 2023, it said.

The reported further noted the following.

During the period under review (16.12.2023 to 22.12.2023), crude oil prices largely showed an increasing trend. Prices increased mainly owing to global trade disruption following Houthi attacks on ships in the Red Sea and geopolitical tensions in the Middle East.

However, towards the end of the week, market concerns on Angola’s decision to leave OPEC capped further price increases. Overall, Brent and WTI prices increased by US dollars 2.94 per barrel and US dollars 2.68 per barrel, respectively, during the period under review.

Weekly Average Weighted Prime Lending Rate (AWPR) for the week ending 22nd December 2023 decreased by 27 bps to 12.19 per cent compared to the previous week.