Sri Lanka
Sri Lanka's inflation rate eases to single digit in July
Sri Lanka, the nation which fought a tough economic crisis in recent times, registered a fall in inflation rate as it reached the single-digit mark in July.
The inflation measured by the Colombo Consumer Price Index dropped to 6.3 percent in the twelve months through July from 12 percent through June, continuing the descent in prices which began in October last year, after peaking at near 70.0 percent in September, reports Daily Mirror.
The turnaround in the official inflation rate back to single-digit levels took 20 months since December 2021 when the Colombo inflation spiked to 12.1 percent.
The food inflation measured annually decelerated to -1.4 percent in July from 4.1 percent in June, while monthly prices remained unchanged, the newspaper reported.
Annual non-food prices cooled down to 10.5 percent from 16.2 percent in June while the monthly prices contracted 1.7 percent, as the lower electricity tariff and LP gas prices more than offset the upward revision in petrol prices in July.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
Support objective journalism for a small contribution.
