The national consumer prices fell into deflation in September, after the food prices cooled, while the fuel prices took away much of the heat on the non-food price inflation during the last few months. This is due to the repeated cuts to the fuel prices, based on the easing global energy prices and rupee strength.

The consumer prices, measured by the National Consumer Price Index, came in at a negative 0.2 percent in the year through September 2024, flipping from an increase of 1.1 percent through August 2024.

The monthly prices fell 0.5 percent, extending the months-long decline in the index, as both the food prices and non-food prices fell.

The prices of many food items declined at national level, offsetting the price increases in only a few items during September, which helped slightly ease the hardships facing people, after going through the years-long runaway inflation, which turned their lifestyles upside down.

The monthly prices declined 0.8 percent while the prices measured annually cooled to 0.5 percent, from a 2.3 percent increase seen through August 2024.

The improvement in the supply conditions, downward revisions to fuel and electricity prices and over 10 percent appreciation in the rupee helped the prices of everything from the basics to discretionary to durables to come down in prices as of late.

The Central Bank too expects the current deflationary impulses to persist for a couple of more months before converging towards its 5 percent medium-term inflation target by the first half next year.

Unlike in other cases of deflation, the Central Bank is unasing power the people lost in the last couple of years.

The non-food inflation fell by 0.3 percent in September from a month ago while the prices declined by 0.7 percent from a year ago levels, predominantly due to the cuts to the fuel prices.

Transport consumes a significant share of people’s incomes and hence, the part reversal in energy prices will leave more money in people’s pocket books to spend elsewhere, specially on the essentials and discretionary, which the households had to do away with for more than two years.

Meanwhile, the so-called core prices, which strip out the often-volatile food, energy and transport prices, fell slightly to 2.7 percent in the year through September 2024, from 2.8 percent through August.

For the first time in Sri Lanka, the government is to establish a mechanism to supervise and advice ministries in the implementation of policies, a source said.

A tense situation was reported at the UNP party headquarters in Sirikotha when a group of UNP supporters arrived to hand over a document on reviving the party.

Samagi Jana Balawegaya (SJB) MP Harsha de Silva said today that an NPP MP has told him that the Parliament canteen will not be closed but the government will see that no one will abuse the facility.

Two fishermen were seriously injured and hospitalised after a parcel floating on the sea exploded while they were checking it off the coast of Mannar.

The Disaster Management Centre (DMC) and the Examinations Department have initiated a joint programme to mitigate potential disasters during the 2024 Advanced Level examinations.

President Anura Kumara Dissanayake addressed the inaugural session of the 10th Parliament of Sri Lanka today. Following are 11 key points from the President’s Government Policy Statement;

Speaker Dr. Ashoka Sapumal Ranwala informed Parliament that nomination of Sajith Premadasa, leader of the Samagi Jana Balawegaya (SJB), has been accepted as the Opposition Leader of the 10th Parliament of Sri Lanka.

Jaffna District Independent MP Archuuna Ramanathan refused to move away after he sat on the Opposition Leader's seat inside the chambers despite requests by Parliament staff to move.

National People's Power (NPP) Gampaha MP Dr. Ashoka Sapumal Ranwala was elected as the Speaker of the 10th Parliament of Sri Lanka a short while ago. Prime Minister Harini Amarasuriya proposed his name, and the nomination was confirmed by Vijitha Herath.

President Anura Kumara Dissanayake adjourned the Sri Lankan Parliament until 9:30 a.m. on December 3. The adjournment followed the President’s delivery of the government’s policy statement during the inaugural session of the 10th Parliament earlier today.