Crisis-hit Sri Lanka records sharp inflation drop

Sri Lanka
By Editor_1
Sri Lankan rupees seen in a bowl at a vegetable vendor's shop in Colombo, Sri Lanka, on July 29, 2022. The economy recorded falling consumer prices for the first time in 39 years, official data showed Monday (Sept 30, 2024), with the September inflation figure dipping to negative 0.5% - /Kim Kyung-Hoon/Reuters

COLOMBO – Crisis-hit Sri Lanka’s inflation moderated to 6.3% in July, official figures showed Monday (July 31), its lowest rate in nearly two years.

The island’s worst-ever economic turmoil saw widespread shortages and the ouster of its president, with inflation peaking at 69.8% last September.

But it has fallen since then, reaching 12.0% in June before dropping further in July, when data from the department of Census and Statistics showed a decline in food prices.

Sri Lanka defaulted on its $46 billion foreign debt in April 2022 and many of its 22 million people endured months of food, fuel and medicine shortages.

The foreign exchange shortage has somewhat eased since, with the government securing a $2.9 billion bailout from the International Monetary Fund (IMF) in March.

Last month, the government unveiled a debt restructuring plan which offered a 30% haircut for international sovereign bondholders, who account for more than a quarter of Sri Lanka’s outstanding foreign obligations.

The IMF said last month that Sri Lanka’s economy showed “tentative signs of improvement” but warned Colombo still needed to pursue painful reforms.

Last year’s economic crisis sparked months of civil unrest which eventually toppled then-president Gotabaya Rajapaksa.

His successor Ranil Wickremesinghe has doubled taxes, removed generous subsidies on energy and sharply raised prices to shore up state revenue.

-Agence France-Presse

 

Editor_1
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