The overall year on year inflation rate as measured by the Consumer Price Index (CPI) was 8.0 per cent, in May 2023. As presented in Tables 1 and 2, the increase in inflation was largely due to increase in prices of commodities under Food and Non-alcoholic Beverages (10.2%); and Housing, Water, Electricity, Gas and other fuels (9.7%); and Transport (10.1%) between May 2022 and May 2023. Read More
In 2022, the economy sustained the growth momentum that started in 2021, after the recovery from the effects of the COVID-19 pandemic that had significantly slowed down economic activity. However, the magnitude of growth was somewhat subdued by suppressed agricultural production, owing to adverse weather conditions during the year. The real Gross Domestic Product (GDP) decelerated from a revised growth of 7.6 per cent in 2021 to 4.8 per cent in 2022. Read More