Slight Increase in Headline Inflation for April 2024

The headline inflation for April 2024 rose to 2.7% YoY, slightly up from 2.5% in March 2024. Food and non-food groups contributed 1.4% and 1.3% respectively. Food inflation dropped to 3.3% YoY from 5.0% in March, while non-food inflation increased to 2.3% YoY from 0.7%.

Mixed Price Trends in Food and Non-Food Items

Food prices fell for vegetables, green chilies, eggs, and other staples, while prices for big onions, limes, and chicken rose. In non-food items, decreases were noted in 'Housing, Water, Electricity, Gas, and Other fuels' and 'Recreation and Culture', but increases were seen in 'Transport', 'Health', and other categories.

Core Inflation Declines in April 2024

Core inflation, excluding volatile food, energy, and transport items, decreased to 3.0% YoY in April 2024 from 3.4% in March. This indicates a reduction in underlying inflation pressures, reflecting a stabilization in core economic sectors.

Last Updated June 2024

Accelerate Tea Exports for a Strong Start

From January to April 2024, Sri Lanka's tea exports reached 80,000 metric tons, a 4% increase from the same period in 2023. The bulk tea segment led with 55%, followed by packets at 35%, and tea bags at 10%. Key markets, including Turkey, Iraq, and Russia, continued to drive demand, ensuring a solid start to the year.

Strengthen Presence in Top Markets

Turkey imported 13,000 metric tons of Sri Lankan tea from January to April 2024, marking a 5% growth from the previous year. Iraq and Russia followed closely, importing 10,500 and 9,800 metric tons respectively. This sustained demand across major markets highlights the resilience and appeal of Ceylon tea globally.

Enhance Production Techniques

During the first four months of 2024, Sri Lanka produced 75,000 metric tons of orthodox tea, representing a 3% increase from the same period in 2023. Orthodox tea accounted for 96% of the total production, with CTC and green tea making up the rest. The rise in production underscores the industry's focus on quality and tradition.

Innovate for Market Trends

From January to April 2024, Sri Lanka's tea industry improved production efficiency by 4% and explored new markets to adapt to global trends. Strategic marketing and innovations in production techniques are essential for maintaining growth and competitiveness, ensuring the industry navigates challenges and capitalizes on emerging opportunities.