In Sri Lanka , the overall rate of inflation for July remained at 2.5% as against 2.4% recorded last month. The inflation, as measured by the National Consumer Price Index on a Year-over-Year basis remained within the Central Bank’s target range of under 5 per cent.

On a monthly basis, the inflation of the food group increased to 2.9% in July 2024 from 1.9% in June 2024 while the inflation of the non-food group decreased to 2.2% in July 2024 from 2.7% in the previous month.

Sri Lanka had witnessed a run away inflation in 2022 during the peak of economic crisis. The central bank had adopted tight monetary policy measures to reign in the inflation and expects it to remain under 3 per cent till first quarter of 2025.