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Sri Lanka hit by record inflation

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Business

Sri Lanka’s inflation hit a record high for the sixth consecutive month, official data showed on Friday (Apr 22) as the government asked the IMF for an urgent bailout.

The broad-based National Consumer Price Index (NCPI) rose 21.5% year-on-year in March, more than four times the 5.1 per cent inflation of a year earlier.

Food inflation in March stood at 29.5 per cent, according to the latest data from the Department of Census and Statistics.

The figures are likely to rise further: The state-run oil company has subsequently raised the price of diesel, commonly used in public transport, by 64.2 per cent.

The worsening economic crisis has led to clashes at nationwide demonstrations calling on President Gotabaya Rajapaksa to step down over mismanagement and corruption.

The government has announced a default on its foreign debt and said precious foreign exchange will be reserved to finance essential food and medicines.

The country’s foreign exchange shortage has led to a slowing down of imports, including essentials.

(www.channelnewsasia.com)

 

Monday, April 25, 2022 – 01:00











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