Sri Lanka Records Deflation for First Time Since 2015
The Central Bank of Sri Lanka announced that headline inflation, as measured by the year-on-year (Y-o-Y) change in the Colombo Consumer Price Index, entered negative territory in September 2024. This marks the first instance of deflation since September 2015, with a recorded deflation rate of 0.5%.
The food category experienced a Y-o-Y deflation of 0.3% in September 2024, a significant shift from the 0.8% inflation recorded in August 2024. Similarly, the non-food category also saw a Y-o-Y deflation of 0.5% in September 2024, compared to the 0.4% inflation in the previous month.
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