SRI LANKA'S INFLATION RATE INCREASED IN AUGUST TO 70.2%

  • 22/09/2022

As it battles its worst economic crisis in more than 70 years, Sri Lanka's annual inflation rate increased to more than 70% in August. Additionally, according to official data, food prices increased 84.6% from a year ago.

The 22 million-person South Asian nation descended into political and economic anarchy this year due to a lack of foreign currencies. The nation has struggled to pay for essential imports like fuel, fertiliser, and medicine. 

The Central Bank of Sri Lanka predicted that inflation would decline last month as the nation's economy slowed after reaching a peak of about 70%.

According to official data released last week, the economy shrank by 8.4% in the three months leading up to the end of August. Prior to the pandemic, Sri Lanka heavily relied on foreign exchange from tourism, including US dollars. Although intended to stop the spread of Covid-19, border closures kept travellers away and had a significant negative impact on the nation's economy.

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