Inflation in cash-strapped country dips from 69.8 percent in September 2022 to about 6.3 per cent this July
NAMITA SINGH
LONDON :
Cash-strapped Sri Lanka saw its inflation dip to a single digit for the first time since the economic crisis started in the country nearly two years ago.
The key inflation rate dipped from 69.8 per cent in September 2022 to 6.3 per cent in July this year. It stood at 12 per cent in June, according to latest figures released by the statistics department on Monday.
The last time the country recorded single-digit inflation was in September 2021, when it stood at 5.8 per cent.
Soaring inflation has battered the island nation’s economy for more than a year after a severe foreign exchange crisis set off its worst financial crisis in seven decades.
The crisis had forced Sri Lanka to pre-emptively default on foreign debts amounting to $51bn in April 2022, while its gross domestic product dipped by 7.8 per cent. The Independent UK
