In Sri Lanka, the Overall Rate of Inflation, as measured by the National Consumer Price Index (NCPI), decreased to -0.7% in October 2024. This is the second consecutive month when the year-on-year inflation has been recorded in negative territory. According to the Department of Census and Statistics, the Overall Rate of Inflation, as measured by the NCPI, was -0.2% reported in September 2024.

At the peak of the economic crisis in 2022, inflation had touched 70% in the island nation. With tight monetary and fiscal measures, the inflation rate has been brought to the current levels, however, many analysts believe the effects of the price rise of 2022 are visible even now. The current government had promised relaxing of austerity measures including reducing personal income tax, fuel prices and utility tariffs to reduce the cost of living.