NCPI-based inflation drops to 70.6% in October

Headline inflation as measured by the Year-on-Year change in the National Consumer Price Index (NCPI) has decreased to 70.6% in October 2022 from 73.7% in September 2022, according to the Department of Census and Statistics. Issuing the National Consumer Price Index (NCPI), for the month of October 2022, the Director General of Census and Statistics said that headline inflation as measured by the Year-on-Year change (The percentage change in the current month NCPI over same month NCPI of last year) based on the NCPI has been compiled as 70.6%. The headline inflation reported for the month of September 2022 was 73.7%.

Contributions to the inflation rate of October 2022 from the food group and non-food group are 38.5% and 32.1% respectively.

Whilst contributions of food and non-food groups to the inflation in October 2021 were 5.4% and 2.9% respectively, resulting in a headline inflation of 8.3%.

With respect to October 2021, the reported inflation for the month of October 2022 was mainly due to the higher price levels prevailed in both food and non-food groups.

Anyway, on a monthly basis, the Year-on-Year inflation of the food group decreased to 80.9% in October 2022 from 85.8% in September 2022 and the Year-on-Year inflation of the non-food group also decreased to 61.3% in October 2022 from 62.8% in September 2022.

Comparing the month-on-month changes, NCPI in October 2022 has increased to 256.9 from 256.2 reported in September 2022. This shows an increase of 0.7 index points or 0.3 percent as compared to September 2022.

The month-on-month change was contributed by a 0.41% decrease in index value for food items and a 0.69% increase in index value for non-food items.

Price decreases of food items were mainly reported for Fresh fish, Rice, Dried fish, Coconut oil, Sugar, Mysore dhal, Potatoes, Chicken, Biscuits, Wheat flour, Chili powder and Green chilies.

However, increases in index values were reported for Milk powder, Big onions, Fresh fruits, Limes, Tea dust/leaves, Coconuts, Red onions, Bread, Rice flour, Vegetables, Infant milk powder, Green gram and Papadam.