Sri Lanka’s inflation rate jumps to 54.6 percent

Sri Lanka’s annual inflation jumped to an all-time high of 54.6 percent in June of 2022 from 29.8 percent the previous month.

It was the highest inflation rate ever recorded and the seventh consecutive double-digit growth in consumer prices amid a persistent shortage of food and fuel due to the country’s depleted Foreign Exchange Reserves.

 Prices continued to climb further for both food (80.1 percent vs 57.4 percent in May); and non-food products (42.4 percent vs 30.6 percent), particularly transport (128 percent vs 91.5 percent).

Sri Lanka restricted fuel supplies and urged residents to stay home until July 10th as the country could not source fuel even for cash, as suppliers insist on clearance of past dues.

Meanwhile, the IMF confirmed a significant progress towards an aid program. However, the aid depends on Sri Lanka fulfilling the IMF conditions including taking steps to ensure debt sustainability and curtailing inflation. – Cenral Bank sources

by Daily News Sri Lanka

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