BUSINESS NEWS: SRI LANKA RECORDS HIGHEST DEFLATION IN 65 YEARS
Read Time:47 Second
As the South Asian country rebounds from its greatest economic disaster, official statistics released Friday showed that Sri Lanka’s consumer prices dropped by 4.0% in January, the biggest deflation rate since July 1960.
The Colombo Consumer Price Index showed deflation for the seventh consecutive month in January.
In September 2022, during the height of the nation’s economic crisis and months of widespread shortages of consumer goods, inflation reached a record 69.8%.
Although the central bank predicts annual inflation to be about 5.0% in 2025, officials indicated that the substantial decline in prices in January was partly caused by significant decreases in the cost of fuel and electricity.
Sri Lanka secured a $2.9 billion bailout loan from the International Monetary Fund (IMF) after the 2022 crash.
President Anura Kumara Dissanayake, elected last year, has vowed to maintain the IMF bailout programme negotiated by his predecessor that includes higher taxes and cuts to state spending.
Happy
0 %
Sad
0 %
Excited
0 %
Sleepy
0 %
Angry
0 %
Surprise
0 %
0
0