NCPI based headline inflation decelerated to 70.6% in October 2022

Headline inflation, as measured by the year-on-year (Y-o-Y) change in the National Consumer Price Index (NCPI, 2013=100)1 which followed an increasing trend since October 2021, declined to 70.6% in October 2022 from 73.7% in September 2022. Similarly, the Food inflation (Y-o-Y) decreased to 80.9% in October 2022 from 85.8% in September 2022, while Non-Food inflation (Y-o-Y) decreased to 61.3% in October 2022 from 62.8% in September 2022.

The change in the NCPI measured on month-on-month basis continued its recent moderating trend and recorded 0.28% in October 2022. This was mainly contributed by the monthly decrease of the prices of the items in the Food category, which amounted to 0.41%. Accordingly, within the Food category, significant decreases were observed in prices of Fresh Fish, Rice, Dry Fish and Coconut Oil. Nevertheless, the Non-food category recorded a monthly increase of 0.69% in October 2022 due to the price increases observed in Health (Purchase of Medical/ Pharmacy Products and Payments to Private Hospitals/ Nursing Homes), Recreation and Culture (Exercise Books and Stationeries), Furnishing, Household Equipment and Routine Household Maintenance, Alcoholic Beverages and Tobacco, and Miscellaenous Goods and Services sub-categories during the month. However, Transport (Petrol and Diesel) sub-category decreased in October 2022 contributing to moderate the overall monthly increase in the Non-food category to a greater extent.