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Sri Lanka inflation rises to 5.2-pct in June, food prices up 11.3-pct

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Sri Lanka’s consumer prices in the capital Colombo grew 5.2 percent in the 12-months to June 2021, accelerating from 4.5 percent in April, data from the state statistics office said.

The widely watched Colombo Consumer Price Index rose 1.5 percent to 142.4 points in June.

The food sub-index which is has traded commodities rose 3.9 percent during the month after rising 2.2 percent in April.

Food prices are up 11.3 percent in the past year.

Sri Lanka’s central bank has an inflation target of between 4 and 6 percent a year.

With a similar target Sri Lanka had run into balance of payments crises in 2011, 2015, 2018 but the target has not been narrowed.

Sri Lanka is now printing large volumes money despite having a soft-peg with the US dollar blowing the balance of payments wide open.

Source EconomyNext
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