Inflation rate drops to 1.6% in May 2024
Posted on June 24th, 2024
Courtesy Hiru News
The overall rate of inflation, as measured by the National Consumer Price Index (NCPI), has decreased to 1.6% in May 2024, down from 2.7% in April 2024, according to the latest data released by the Department of Census and Statistics. This decline in inflation reflects a significant change in the economic landscape over the past month.
Food inflation has seen a notable decrease, dropping to 0.5% in May 2024 compared to 3.3% in April 2024. This reduction in food prices has contributed significantly to the overall decline in inflation. However, the Year-on-Year inflation for the non-food group has slightly increased, reaching 2.4% in May 2024, up from 2.3% in April 2024.
The NCPI for all items for the month of May 2024 stands at 206.3, showing a decrease of 1.9 index points compared to April 2024. This overall decrease in the NCPI indicates a broad reduction in the prices of goods and services, providing some relief to consumers.